Market News - August 2024

Welcome to the latest Market News update from BCA where we reflect on last month's used car market conditions and performance.

Keep up to date with the latest news developments at bca.co.uk/news.

BCA - used car values reach 12-month high in July

Used car values across BCA’s online sales programme improved in July to reach the highest point since the same month last year, with results being driven by an improving mix of stock and active buyer numbers reaching the highest point on record at BCA.? Sold volumes rose significantly month-on-month, up by 14% compared to June.

Used car values averaged ￡7,800 at BCA in July 2024, up by ￡233 (3.2%) compared to June, as wholesale demand across most sectors remained positive and unseasonably strong heading into the holiday period.

Stuart Pearson, BCA COO commented “The used car sector continued to exhibit a great deal of stability in July, as BCA recorded the highest monthly value in 12 months.? Significant buyer engagement and an improving mix of stock combined to drive sold volume upwards, well ahead compared to June and the same period last year.? 2024 has definitely been a year of recovery following the pricing volatility in the final quarter of 2023 and, in particular, the consistency of the last few months has done much to promote confidence across the wider used car market.”

He added “With signs that economic pressures are starting to ease, as interest rates fall for the first time since the onset of the pandemic and inflation rates normalise, the expectation is that consumers should also start to feel the benefit and some of those deferred purchases will be made as we exit the summer months and move into the final quarter of the year.”?

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