Tuesday, November 22, 2011
Average used car price falls below £9,000
The average asking price for used cars has fallen below £9,000 for the first time in almost two years.
Prices dropped because there were fewer one-to-three old cars coming onto the market due to declining new car sales over the past few years, according to AutoTrader.
“A lower overall supply of one-to-three year old vehicles entering the UK Car Parc, combined with consumers holding on to their cars for longer, is increasing the average age of vehicles in the UK and this is being reflected in lower average overall prices,” said AutoTrader director Tim Peake
But prices of younger cars are rising. Peake said: “Dealers are havin to fight for good quality one-to-three year old stock leading to an increase in trade prices for these vehicles.
“We expect trade prices for one to three year old vehicles to continue to increase next year, as dealers compete for stock. With consumer demand stable, retail prices will remain flat at best.”
Year on year, most vehicle values have fallen. The only year-on-year price increases by car type were seen among luxury saloons, up 2.1 per cent and 4X4 Land Rovers, up 3.2 per cent.
DATED: 21.11.11
FEED: MT
