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Used car prices bottomed out in November

Fri, 11 Dec 2009

In news that may be of interest to those on the lookout for a used car, the British Car Auctions company has announced that the price of average second-hand auto has dropped for the third consecutive month.

Though not as cheap as a year ago, costs currently stand at 94.45 per cent of September's peak, which is £118 less than in October despite volumes keeping steady.

Communications director Tony Gannon explained this could represent a return to normality.

"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," he noted.

Nearly-new values were said to have dropped the most - by £2,191 - while Fleet & Lease saw a £457 dip in prices.

The only sector to buck the trend was part-exchange, which experienced a modest increase of £44.

Part-exchange is when a dealer chooses not to offer vehicles for resale.

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