British Car Auctions has reported the second highest used car values since 2005 as a combination of stock shortages and market demand push prices up.
The latest used car data from British Car Auctions (BCA) shows an on-going shortage of good quality stock, combined with a highly competitive trading environment. As the economy starts to show signs of recovery, these have helped to push up values to their second highest monthly average levels since BCA started reporting in 2005.
October values climbed by £167 (2.4%) compared to September 2013, and were up by £693 (10.6%), year-on-year. Average mileage continues to fall - down by around 2,200 miles compared to last year - while average age was marginally lower at 61 months.
Vehicles sold by fleet and leasing companies continued to average over £9,000 in October - having risen to this record high in September. The values for dealer part-exchange vehicles also rose to yet another new record level, climbing by £80 compared to September.
"October proved to be another exceptionally strong month at BCA", said Simon Henstock, BCA's UK operations director. "Fleet cars remain in relatively short supply and there is plenty of competition for any vehicle in ready-to-retail condition which is keeping values high.
"And while buyers continue to focus on smaller and more economical cars, demand remains right across the board up to late-plate prestige and luxury marques. Indeed, significant results were recorded in a number of Top Car sales during October, underlining that buyers are quite happy to invest six-figure sums for the right vehicle such as the £127,000 paid for a 2012 Mclaren MP4-12C at BCA Blackbushe."
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