The used car market held firm in May despite the impact of two bank holidays, according to auction house BCA.
The overall average vehicle price saw a slight dip of £132, bringing it to £7,376, compared to April. This minimal change highlights the market’s stability since January, when the average price was £7,597.
Monthly sold volumes reached the second-highest level this year, with performance against price guide expectations rising by 1.1 percentage points from April.
Sale conversion rates remained robust, supported by a substantial increase in active buyers compared to the same period last year.
Over 5,000 buyers participated each week, prompting BCA to introduce new sales events throughout their seven-day selling programme and expand weekend offerings.
It said the decline in new car registrations during the pandemic continues to ensure high competition for well-presented used vehicles. The market has performed strongly post-Easter and is expected to stay positive through the summer holiday period.
BCA COO Stuart Pearson said: “After a bit of pricing volatility at the start of the month, the general mood of both our buyers and sellers has been positive, driven by a very stable market with minimal overall movement.”
He added, “We’ve seen volume increase, but demand has more than matched it, and clean, well-presented stock always attracts competitive bidding. Despite some negative press around EVs, many models have found an attractive price point, leading to good demand. Overall, pricing stability tends to radiate confidence, and the June market has shown further improvement in its early days.”
Pearson also noted, “Considering the often contradictory economic messages and the upcoming General Election, as well as being in a traditionally quieter period for used car sales, our buyer customers report that retail activity remains buoyant. All indications suggest these trends will continue, with many dealers keen to carry more used stock if they can source it.”
