October used car values are second highest on record

Used car values reached the second highest on record at BCA in October with the average car selling for £3,000 more than a year ago.

October used car values averaged £11,295 at BCA, maintaining the pattern of consistently high average used car values this year. Year-on-year, average monthly values are up 38.6%.

Stuart Pearson, COO BCA UK, said: “October felt like the first month for a long time, where the market started to behave exactly as it usually would at this time of year. Whilst prices remained resilient, many people took the opportunity to get away which shifted the supply and demand dynamic back in favour of the buyer for the first time in a long time.”

The weekly data highlights the stability of average values at BCA throughout October.  Values remained around £11,700 for much of the month, before dipping just below £11,000 at the end of October.  At the highest weekly point in October, year-on-year values were ahead of the same week in 2020 by 49%.

Pearson added: “The market may have eased back from some of the frenzied activity seen in recent months, however with very little certainty around new car supply, average used car values remain robust.  It doesn’t feel like it would take a lot to change for the market to reignite, particularly as we move towards the opportunity that the New Year presents for retailers.”