Used car values across BCA’s online sales reached a 12-month high in July, with results driven by an improved stock mix and active buyer numbers reaching record levels at BCA.
Sold volumes rose month-on-month, up by 14% compared to June.
Stuart Pearson, BCA COO, said: “The used car sector continued to exhibit a great deal of stability in July, as BCA recorded the highest monthly value in 12 months.
“Significant buyer engagement and an improving mix of stock combined to drive sold volume upwards, well ahead compared to June and the same period last year.
“2024 has definitely been a year of recovery following the pricing volatility in the final quarter of 2023 and, in particular, the consistency of the last few months has done much to promote confidence across the wider used car market.”
Used car values averaged £7,800 at BCA in July 2024, up by £233 (3.2%) compared to June.
Values on older cars declined across June, July and August, but prices have remained stable and ahead of seasonal norms.
Demand for EVs has also been positive over the last 4 months with over 1,200 different customers purchasing EVs. In July, first-time conversions averaged over 80% across the wide range of EVs on offer at BCA.
Pearson said: “With signs that economic pressures are starting to ease, as interest rates fall for the first time since the onset of the pandemic and inflation rates normalise, the expectation is that consumers should also start to feel the benefit and some of those deferred purchases will be made as we exit the summer months and move into the final quarter of the year.
“With retail stock levels running generally low, we’re already seeing a few early movers get ahead of the expected positive bounce that the market can take as we move out of the school holiday period. It all points towards a strong and stable market for some months to come”.