Tuesday, June 08, 2010
Cap accused of overvaluing used cars
Values dropping
Auction4Cars has called on Cap to further reduce its valuations to reflect continued falls in used car values. It claimed average used car values have fallen by eight per cent from January to May to £2,754.
Cap warned yesterday that an influx of nearly-new cars was pulling down used car values and reduced its values by 4 per cent in the June Black Book.
Lag
"Whilst there will always be an element of lag with Cap, prices are still as much as 10 per cent adrift, and we believe this really needs to be addressed at the earliest opportunity," said Neil Prescott for Auction4Cars.
"This isn't in anyway a criticism of Cap; more a frustration with the obsession with the Black Book and the effect this is having on the marketplace."
Bumper week
Meanwhile Auction4Cars said it recorded its highest ever number of weekly sales during May with 450 sales.
DATED: 08.06.10
FEED: MT
