The average price of a used car reached its second-highest level on record for remarketing specialist BCA as demand remained high across its 24 auctions centres and online platform during February.
BCA’s monthly Pulse report revealed that average used car values rose by 2% month on month and by 7.6% year-on-year to £672 as they reached £9,498 last month.
Values rose for fleet and lease, dealer part-exchange and nearly-new vehicles with the average age and mileage of vehicles continuing to reduce.
Stuart Pearson, BCA’s managing director of UK remarketing, said: “February was another 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.
“The arctic blast of weather had no impact on trading, with professional buyers switching to our Live Online platform if travel was difficult.