Used car wholesale values continue to rise in February, average used car prices at BCA auctions increased in February for the second month running. The price jump was paired with a “significant” increase in volumes, according to the remarketing firm. Values averaged £8,540 at BCA in February 2023, up by £140 or 1.7% compared to January 2023, as sold volumes increased for the second month running and performance against guide price also improved. From a supply perspective, the SMMT has reported seven consecutive months of growth in new car registrations but, even after a 26.2% rise in February. BCA predicts the ongoing shortage of quality 0-3-year-old product should mean that supply and demand will remain reasonably well balanced for the foreseeable future.
The Editor’s View
