Average price of used cars climbs

Back

Continuing the pattern of growth in the sector, the average value of used cars has risen for the tenth month in a row, the latest BCA Pulse report claims.

The price of used vehicles rose to an average of £1,458 in August - an increase of three per cent. The value of nearly-new vehicles rose also, with prices climbing by £543 to £17,670, meaning that average values were 104 per cent of those predicted.

Prices in the fleet and lease sector also showed improvement, rising from £7,376 to £7,575 in just one month, retaining an average of 100.34 per cent of Cap Clean.

BCA's Communications Director Tony Gannon said; "Demand continues to be strong and values have risen by £373 over the rolling three-months - despite this covering the summer holiday period where values have traditionally softened in recent years.

As with last month, stock levels remain relatively low, and this certainly has had an effect when combined with the continuing demand. The vast majority of vehicles being offered are sold first time and conversion rates remain exceptionally high."

Get a car insurance or home insurance quote now.