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Used car values dip for third month
Friday December 18th 2009
The value of used cars decreased for the third month in a row between October and November, new figures have shown.
British Car Auctions observed that the average value of used cars sold through the company fell by 2% during the month to £5,903.
It is the third successive month in which the average has fallen, following steady increases until September 2009.
However, the upturn in the market earlier this year has meant that average values are still higher than they were last year.
Compared with one year ago, used cars are worth 22.3% more, with an average of £1,080 having been added to their price tags.
But experts believe prices will continue to fall in early 2010, as the market returns to normal.
BCA's Communications Director, Tony Gannon said: "With this slight slowdown, the marketplace appears to be resuming a more typical pattern of activity.
"In previous years, September was often a peak in the annual price cycle, with values falling slightly in the following months of October and November and that is exactly what has happened this year."
Copyright © Press Association 2009
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