Kidderminster, UK -- (SBWIRE) -- 05/04/2015 -- Increasing demand for used cars in the UK is pushing up the average value of used cars sold at auction.
The British Car Auction (BCA) has released their analysis of the state of the UK's used car market for March, and those statistics show two interesting trends. First, the average amount paid for a used car at auction has risen from £7,387 to £7,524. That translates into a rise in value of 1.8% in the average amount paid during March 2015 when compared to the same period in 2014.
Given the fact that the average price paid has risen it was a surprise to many in the trade to see that the average age of the vehicle had risen from 62.62 months to 63.12. The average mileage on the clock also rose from 56,140 miles to 56,059 miles.Normally, when the price goes up the average age or mileage on the vehicles falls away as well. This month all of the trends are upwards.
The average headline value also changed. It went down by 3.7% dropping by an average of £290 since February 2015.
These changes are likely to affect the price of the used cars for sale in Worcestershire and much of the rest of the UK. Initially these rises are expected to lead to a rise in the average price of a used car.
However, other factors are feeding into the amount consumers can expect to pay for a used car. During the last few months of 2014, sales of used cars picked up faster than sales of new cars, which meant that the stock of used cars was moving faster than it could be replenished. That changed in 2015.
In 2015, sales of new cars have soared. In February 2015, the number of new cars sold in the UK increased by 12% year on year. In March 2015, nearly half a million new cars were registered. This is the most sold in one month this century. That is an increase of 6% year on year. This increase in demand for new cars will result in more cars becoming available for used car dealers to sell, which could actually see the average price of a second hand car in the UK fall rather than rise.
For more information visit the website http://www.sjraynercars.co.uk
For Media Contact:
First Name: Simon
Last Name: Rayner
Business Name: S.J. Rayner Cars
Address: 8 Worcester Road
City: Summerfield
County: Kidderminster
Postcode: DY11 7RF
Country: United Kingdom
Phone No.: 01562 820131
Email: info@sjraynercars.com
Website: http://www.sjraynercars.co.uk