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Used car values averaged £8,400 at BCA in January 2023, up £135 or 1.6% compared to December 2022.
Buyer appetite exceeded expectations, driven by strong results widely reported across the retail sector.
Sales volume increased significantly, month over month and performance against guide prices improved.
BCA UK COO Stuart Pearson said: “Used car values have seen an increase in January 2023, with increased demand and competitive offers as the motor industry begins New Year’s trading with good seasonal confidence. Consumer demand was reported to be better than most expected and it’s fair to say that after the challenges of the last quarter, the unexpected upgrade to the January market was very welcome.”
“Most sectors rallied as the month progressed, but EVs continue to be volatile as buyers and sellers grapple with finding realistic value for the few models returning in more significant volumes. It is therefore still important that the latest pricing intelligence is used to support decisions in this area.
“Meanwhile, economic reports have looked slightly more positive in recent weeks, with talk of inflation starting to fall and energy costs stabilizing in 2023, along with SMMT continuing to report growth in the UK new car market – while also noting that volumes have remained flat. Good. behind pre-pandemic levels. While new cars are becoming increasingly available, there is hope that used car values will remain intact for the next few months.”
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