Used car values continue to rise in April

The latest Pulse report from British Car Auctions (BCA), reveals that used car values are continuing to rise. In April, average values climbed by £166 to £7,553 compared to March. It is the highest monthly value this year and the second highest on record. BCA’s data shows that used car values were ahead year-on-year by 16.6%, with average age down at 61 months and average mileage falling to 55,500.

Tim Naylor, Editor of the BCA Used Car Market Report commented “While average values continue to surge ahead, the market was much tougher in April. There were more cars available to buy and buyers were able to pick and choose to a greater extent than we have seen earlier in the year. As in previous months, demand remains strong for the best quality retail cars, but cars in poorer condition have struggled to sell unless they are sensibly valued.”

“Despite this, the premium and luxury end of the market remains very strong with buyers happy to invest six-figure sums for the right vehicles. ”

Tim Naylor added “With Easter typically representing a watershed in terms of demand, the market is now moving into a period over the summer months when we expect values to remain relatively flat. Families are now thinking about paying for their summer holidays, and we still have the distractions of the Football World Cup to come. History tells us these massive sporting events have notable, albeit short-term, effects on the retail sector and therefore impact on demand in the wholesale car market.”