Quality-hungry buyers are driving up average used car values, claim British Car Auctions (BCA), after statistics showed the first month-on-month increase since December.
The remarketing specialist, in its latest Pulse report, reported a significant upturn of 8% in average car values, rising to £7,045.
This figure is £543 higher than April – when a disappointing 7% month-on-month slump was produced – and 15.5% ahead of May 2012.
However, BCA report that demand from professional buyers remains patchy, with interest polarising around the best retail-ready examples in the used car market.
Tim Naylor, Editor of the BCA Pulse Report, said: “As BCA’s inventory rises, buyers have greater choice than they did earlier in the year.
“However, there are still some concerns over the quality of the stock reaching the marketplace and this is creating a polarisation of buyer interest around the best retail-ready cars.
“For these best examples, values continue to routinely outstrip guide price expectations and this is helping to keep average values high across the board.”
Image courtesy of Eric Jones, with thanks.