Used car sold volumes at record levels in October

October used car values remained strong at BCA on the back of sustained demand from professional buyers as sold volumes reached a new high point.  

Used car values averaged £7,685 across the board at BCA in October 2024, with supply and demand suitably balanced to maintain the momentum felt throughout September. 

This represented a tiny reduction of just £34 or 0.4% from September and well ahead of the same period last year, when values were tumbling as the market realigned.

Sold volumes lifted to record levels in BCA during October, with used car sold volumes being 20% ahead of the same period last year, as more buyers were attracted to the rich mix of stock on offer within BCA’s online sales programme.  

This was despite anecdotal feedback from some quarters suggesting there was an air of pragmatism entering the used market, alongside a perception that values may have peaked in recent weeks with a slight softening of retail demand, says BCA.  

However, insight from BCA Valuations underlines that in spite of the usual seasonality, demand remains strong across a significant range of used stock, principally driven by the reduced new car supply from the post pandemic period.  

There is, therefore, every likelihood that competition will remain strong for used stock for many months to come, it said.  

Stuart Pearson, BCA’s chief operating officer, explained: “As previously predicted, values remained robust in recent weeks, thanks to significant interest from our buyers supporting our strongest October sold volume on record.  

“While some volume buyers have been a little more cautious in recent weeks, there are no signs that the market is set to drop dramatically, as it did last year.  

“Used retail activity remains reasonably healthy and, with many forecourts short of stock as we approach the year end, we expect demand to hold up well during the run into the Christmas period.”