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Used Car Values Rise To New Record High In July

Released on the same day as the SMMT revised its forecasts for new car sales in 2014, the latest data from vehicle remarketing company, BCA, shows continued strong performance in the used car market too. Average used car values reached a record high in July, with the headline average value of a used car rising by 1.4% to £7,706, ahead of June’s figure by £109. Year-on-year, July 2014 was ahead by £831 – 12.0% – with both average age and mileage falling over the 12 month period.

Tim Naylor, Editor of the BCA Used Car Market Report commented: “Whilst we now well into the summer holiday period, volumes have remained relatively high and there is still plenty of competition for the best stock on offer.

“The shortage of good quality fleet and lease stock continues, with volumes not expected to pick up until the second half of September. Cars entered from dealer part-exchange sources have typically outperformed the market in 2014 and July was no exception. Average values reached record levels, as dealers continued to supply the marketplace with well-presented, realistically valued cars to tempt the buyers in.