Average used car values at BCA rose to record levels in September 2019, as buyer demand surged after the summer holiday period and the company reported a strong trading month both in-lane and online.
Average used car values at BCA rose by a significant £823 (8.7%) compared to August 2019 to reach £10,230 - the highest value recorded since BCA Pulse began reporting in 2005. Year-on-year values rose by £349, a 3.5% rise over the 12-month period.
All sectors saw values increase in September, with fleet/lease product rising by over £1,000 month-on-month to reach a record value of £12,160.
Dealer part-exchange values rose by £160 over the month, while nearly-new values reached record levels, rising by £3,438 in September to average over £27,000 for the first time.
Stuart Pearson, BCA chief operating officer for UK Remarketing, said: “We saw strong levels of trading, confident bidding and record breaking price performance across all selling channels in September 2019.
“High levels of demand and competitive bidding across the range of used stock available at BCA, pushed average values for fleet and contract hire and nearly new vehicles to record levels.
“Physical buyer attendance was complemented by significant bidder interest on BCA’s Live Online platform, with increasing numbers of customers now bidding via the BCA Buyer app.”
He added: “The strong used car market has continued as we enter October and BCA continues to win and retain business and enhance our selling programmes through all our selling channels.”
Fleet and lease values averaged £12,160 at BCA in September 2019, the highest average value on record for fleet stock and representing a rise of £1,044 (9.4%) month-on-month. Year-on-year, values were up by £289 (2.4%) despite both average age and mileage rising.
The retained value against original MRP (Manufacturers Retail Price) improved by nearly two percentage points to 43.1% over the month, but was down by 2.3 percentage points, year-on-year.
Dealer part-exchange values improved for the second month running, rising by £160 (3.2%) during the month to reach £5,203, the joint second-highest value this year.
Average values for part-exchange vehicles rose by £72 (1.4%) compared to the same month last year with stock showing a similar profile of age and mileage.
Values for nearly-new vehicles at BCA rose to their highest point on record, climbing by £3,438 in September to average £27,306. Year-on-year values were up by £1,995 (7.9%). Model mix has a significant effect in this sector, with brand specific winners and losers.