Average used car values rose at BCA in February 2020 as strong demand continued from professional buyers. The latest BCA Pulse Report shows that the headline used car value rose to £10,002 in February, an increase of £162 (1.6%) compared to January. BCA confirmed that those levels of demand continued strongly into early March, with increasing numbers of BCA’s professional buyer customers choosing to bid digitally via BCA Live Online and the BCA Buyer app.
The February headline figure of £10,002 is the fourth highest monthly average on record at BCA. Year-on-year, the headline value figure improved by £204 (2.1%). Average year-on-year values increased across all sectors at BCA in February 2020, with dealer part-exchange values rising to the highest point on record, fleet and lease vehicles reaching the third highest average value ever recorded and nearly-new vehicles the second highest figure on record.
Year-on-year table: All cars
Stuart Pearson COO BCA UK Remarketing commented “February was a strong month in the remarketing sector and BCA saw competitive bidding across the board from high value prestige stock to older, higher mileage budget vehicles. As in previous years, BCA saw sustained demand in the run-up to the March plate change.”
He added “This continued into early March with competitive bidding from professional buyers driving demand, with excellent conversion rates and typically strong price performance. Online trading at BCA continues to play a significant role, with online sold volumes rising above 38% during the past month and that percentage continuing to rise into March.”
Pearson added “Whilst there is without doubt a significant strain on the industry at present, it’s been incredible to see the resilience of our staff and customers who continue to adopt a very pragmatic approach to carrying on with business as usual wherever possible.”
Fleet & lease values averaged £12,290 at BCA in February 2020, the third highest value ever recorded at BCA and maintaining a consistent run of improved price performance that stretches back to September of last year, with the last six months representing the six highest monthly values recorded. Year-on-year values were up by £768 (6.7%) with both average age and mileage continuing to rise. The retained value against original MRP (Manufacturers Retail Price) averaged 43.7%, down by 0.3 percentage points, year-on-year.
Year-on-year table: Fleet & lease
Dealer part-exchange values at BCA rose to record levels for the third month running during February 2020, increasing by £97 (1.8%) over the month to reach £5,494. Average values for part-exchange vehicles were up by £327 (6.3%) compared to the same month last year, with stock showing a lower age and mileage profile.
Year-on-year table: Dealer Part-Exchange
Values for nearly-new vehicles at BCA averaged £26,735 in February 2020, the second highest value on record with year-on-year values up by £3,651 (15.8%). Model mix has a significant effect in this sector, with brand specific winners and losers.
Year-on-year table: Nearly-New