Latest figures from BCA show that the headline average value of used cars sold rose in February 2016 compared to January, with year-on-year values also rising.
The headline average value of a used car sold at BCA in February climbed by £52 (0.6%) to £7,929. Year-on-year, average values were up by £115 (1.4 %), with both age and mileage declining.
Simon Henstock, BCA chief operating officer, UK Remarketing, said: “BCA reports strong levels of demand in February, with plenty of interest in retail ready cars, but buyers rather more wary of poorer condition vehicles.”
He added: “Buyers have a lot more choice and vehicles requiring repair and refurbishment need to be sensibly valued to compete. For cars with cosmetic damage, SMART repairs are a cost effective option for sellers, meaning their vehicles can be quickly processed and presented in the best possible condition.”
“The market is anticipating increased part-exchange business and greater volumes from fleet and contract hire sources over the coming weeks. With Easter imminent – often a watershed in demand - this could impact on residual values in the weeks ahead and BCA is recommending that volume vendors appraise their sale stock closely to ensure it is valued in line with market expectations.”
Henstock added: “The importance of professional appraisals that adhere to NAMA standards cannot be over-emphasised, as this builds buyer confidence and delivers benefits for buyers and sellers alike. BCA continues to innovate in this area, investing in training for staff and developing new tools such as the BCA Branch Appraisal App that generate reliable data for the search engine powering Auction View.”