Used car prices on the up

British Car Auctions (BCA) has reported that the average price of used cars sold continued to rise through June.

It averaged £8,565 over the month, an improvement of £1,029 (14%) compared to May. The value improvement compared to April was even more pronounced at £3,689, equivalent to a 75.7% increase over the two-month period.

BCA COO UK remarketing Stuart Pearson said: “The momentum we reported in May has continued into June and BCA has expanded its online remarketing programme significantly to meet the demand.

“Daily entries are now often exceeding 5,000 vehicles and demand across most sectors is ahead of what we would typically see at this time of year. We have had up to 1,500 buyers logging in for some individual sales, underlining the appetite the market has for the stock on offer at BCA, particularly when this is multiplied across the many concurrent sales taking place each day.

“June was notable for the upswing in demand for higher value, retail ready vehicles which significantly influenced the overall average price performance.  Demand for lower value, budget vehicles remained incredibly buoyant throughout the month, maintaining the trend we have seen since the first days of lockdown and resulting in some unprecedented price increases.”

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