The used car market remained steady in November, with average values at £7,345 across the board at auction house BCA.
Supply and demand were well-balanced, reflecting typical seasonal pressures as the year-end approaches.
While average values declined from October’s £7,685, BCA attributed this to a changing stock mix and seasonal adjustments in monthly guide prices. Despite the month-on-month drop, average values remained ahead year-on-year, highlighting the market’s continued strength.
Anecdotal feedback from professional buyers indicates that retail demand for used vehicles is easing, as expected, with Christmas approaching. However, the market remains robust for this time of year, and the overall outlook remains positive.
Volume buyers remain active as they aim to prepare their inventories ahead of the festive season, anticipating an early rise in demand in the New Year.
Sold volumes in November were significantly higher than the same period last year, with over 10,000 unique buyers purchasing vehicles during the month. Engagement levels have remained strong throughout much of 2024, reinforcing the resilience of the used car market.
Stuart Pearson, BCA COO commented: “The used market remained positive in November, with good levels of demand from professional buyers and a steady price performance that reflected the typical seasonal pressures at this time of the year. The overall feeling is that the market is well balanced as the year draws to a close and the anticipation is that 2025 is going to get off to a good start.”
“Since the pricing realignment experienced in the final quarter of 2023, the used car market has remained positive throughout most of this year, bringing confidence to professional buyers and a level of optimism perhaps not seen for a few years. Prices have been generally stable and the inventory disciplines that have been adopted leave most businesses in good shape to take advantage of the spike in demand that is eagerly anticipated into the New Year.”
“To satisfy customer demand, BCA will once again deliver an extensive live sales programme across both the Christmas and New Year weeks, meaning that customers wanting to get ahead of the New Year rush will have the opportunity to bid on many thousands of vehicles that BCA will have on offer across the period.”
