Used car prices remain stable in July

The average sale price of a used car at BCA has remained consistent during July, after months of fluctuation.

Prices averaged £9,464, in July, £49 behind July 2021 but £268 up on June’s performance.

BCA UK COO Stuart Pearson said: “July continued the emerging trends of previous months with strong levels of demand for younger, higher-grade vehicles, alongside sustained interest in sports and prestige models, with the particular focus on convertibles that you would expect to see at this time of year.

“Data from BCA Valuations provided further evidence that dealers remain laser focussed on vehicles that can be sold quickly, often buying to order and generating good retail churn despite the challenging economic conditions.”

Performance against guide values rose to 97.7% in July, up marginally compared to June with sold volumes remaining broadly level with the previous month. 

Pearson added: “There has been a divide forming in the market with the shortage of ex-lease, rental and OEM stock ensuring resilient prices for 1–4-year-old vehicles, whilst at the lower end, some of the poorer condition part-exchange vehicles have seen prices drop more dramatically as dealers have concerns over potentially expensive preparation costs and delays in parts supply.

“The wholesale used vehicle sector is experiencing ongoing and potentially long-term challenges brought about by the pandemic, along with the subsequent knock-on effects of supply chain disruption and significant economic pressures facing both consumers and businesses.  Be assured that BCA will continue to work closely with all its customers to ensure that our online remarketing solutions continue to deliver the choice and efficiencies that their businesses require.”