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Average value in use rose for the second month running in February.
BCA reported that weekly sales volume increased to its highest point in the last 12 months.
The average value of £8,540 at BCA in February 2023, an increase of £140 or 1.7% compared to January 2023.
BCA UK COO Stuart Pearson said: “While cost-of-living pressures continue, there appears to be some light at the end of the tunnel for consumers with the news that government assistance for energy costs is expected to continue and forecasts that inflation will drop to around 4% by the end of the year.
“After several significant price adjustments over the last few months, we have also seen the used EV sector stabilize for a number of models, which has driven a significant shift in retail interest.
“From a supply perspective, SMMT has reported growth in new car registrations for the seventh straight month, but even after February’s 26.2% increase, we are still well behind the highs of the pre-pandemic period. In addition, we are also approaching the 3 year anniversary of the first lockdown, when many of the supply challenges in the car market were just starting.
“The net result of all this is a definite respite in the used car sector which is unlikely to be going away for some time. Even with some further acceleration in new car registrations expected over the next few months, the continuing 0-3 year old product quality shortfall will mean that supply and demand will remain in balance for the foreseeable future.”
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