BCA data shows increased average value of a used car in 2012

In a new report published by BCA, there was much better news regarding the average value of a used car in 2012. It rose to the highest annual figure on record, reported at £6,199. This represented a rise of £280 compared to 2011 (up 4.7%), and by £358 (6.1%) compared to 2010. Fleet & Lease car values in the second half of 2012 rose by 12.3% year-on-year, while dealer part-exchange car values rose by 12.6% over the same period. See the results of the BCA report below:

BCA Used Car data 2010 – 2012

Year	Avg Age	Avg Mileage	Avg Value	Sale vs CAP
2010	59.70	57,295	£5,841	96.55%
2011	60.51	58,376	£5,919	96.31%
2012	62.07	58,969	£6,199	96.48%

Along with used car values, BCA say that average age and mileage have also risen over the past three years. As speculated about last year, due to the current economic climate, more and more people have been and still are hanging on to their vehicles longer before selling or changing to a new one, thus leading to higher second hand prices and a shortage of quality used cars available out there. The average value of a used car at BCA in the second half of 2012 was £6,415, up by £408 compared to the first six months of 2012. It is the highest average value for a half year period on record. This is both good and bad news for consumers. Good, if you've got a quality used car to sell or trade in, but bad if you are looking to buy one with low(ish) miles at a cheap price. For younger or newer driver's, six and a half grand is a lot of money to try to save up or borrow from mum and dad not to mention the other costs associated with driving such as insurance and fuel.

Is this trend set to continue, what do you think? For further information on this report, please click here.