Positive outlook for used car market despite monthly price drop

In November, the average price of used cars dropped slightly, according to BCA, a prominent auction company. This decline was attributed to changes in the types of cars being sold and a typical adjustment in guide prices for this time of year. Despite this, the average sale price of £7,345 was still a bit better than in November of the previous year.

BCA reported that feedback from professional buyers indicated that while demand for used cars was starting to slow down as the holiday season approached, the market was actually in a quite favorable position given the time of year. The overall outlook continues to look optimistic.

Stuart Pearson, BCA’s Chief Operating Officer, expressed that the used car market had a positive performance in November, with strong demand from professional buyers and prices holding steady despite seasonal factors. Looking ahead, Pearson stated, “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.”

Following a readjustment in pricing in the last quarter of 2023, the used car market has remained upbeat throughout this year, instilling confidence in professional buyers and fostering a level of optimism not seen in a while. With stable prices and good inventory management practices in place, most businesses are poised to leverage the expected increase in demand in the New Year.