Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Vehicle auction price increase set to hit market

Wed, 20 Aug 2008
The cost of buying a used car at auction is to go up, according to an automobile body.

Auction houses are to increase prices due to economic pressures if they are to survive, according to the RMI Society of Motor Auctions (SMA).

Economic pressures have resulted in the increase in prices and the resulting hike for consumers looking for car buying advice, the group added.

Head of the SMA Louise Wallis commented that low costs can only be sustained when turnover is high, stating that the credit crunch is preventing this from happening.

She said: "Energy and business rates have both increased, as has the cost of insurance, labour and consumables. The 50 per cent increase in fuel prices since December last year has also made a significant impact on margins."

Meanwhile, Easier has cited research from esure showing that 64 per cent of drivers will be picking up a used car rather than a new one when they next buy.ADNFCR-1081-ID-18741655-ADNFCR


Add a comment


Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17


48 monthly payments

Apply now

Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

CarFinance 247 Limited is acting as an independent credit broker

Universal Square, Devonshire Street North, Manchester, M12 6JH