Average used values up 12.9% year-on-year in March at BCA
The average value of a car sold through BCA rose 12.9% year-on-year in March to reach £8,850, according to its Pulse Report.
This was the highest headline figure since reporting began.
The average mileage recorded fell to 49,441 miles in the same month, and average age also fell, down to 56.33 months compared to 60.57 in March 2016.
Fleet and lease vehicles saw an increase in value, rising 7.3% to £10,455 in March 2017 from £9,741 a year earlier. Average mileage and average age both fell, recording 38.65 months and 40,803 miles respectively.
Dealer and part exchange vehicles sold through BCA saw their average values remain largely static, rising just £26 year-on-year to reach £4,594 in March. Average mileage rose slightly to 69,963, and average age declined by 0.2 months to 89.67 months over the same period.
Nearly new vehicles experienced a marked decline in values, down over £1,000 to £18,194, despite a fall in mileage to 8,874. Average age remained largely unchanged at 8.60 months, down from 8.63 months in March 2016.
Simon Henstock, BCA chief operating officer UK remarketing, said that heading into Easter, the market may experience lower values than experienced in March. He added: “Easter is typically seen as a watershed in the marketplace and while demand remains strong, it has waned from the peak we experienced in March.
“It is important to appraise and value vehicles accurately in the current market and it would not be a surprise to see some pressure on average values in the short term.”