Used car prices tumble

31 January 2008

Ex-fleet values down
Uncertainty over the economy
Dealers remain optimistic

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Now could be the time to think about buying a used car, as prices fell in the last three months of 2007, according to British Car Auctions.

The average price that ex-fleet cars achieved at auction in December dropped by almost £500 compared with September’s average, while part-exchanged vehicles fell by roughly £800 over the same period.

Although the end of a year is traditionally a quiet time for car sales, the current uncertainty about the UK’s economy means 2008 may prove to be a hard year for sellers, resulting in low prices for buyers.

Despite the downturn, used car dealers remain optimistic for the coming year. A survey by CAP, an automotive research organisation, found that only 18% of dealers expect to sell significantly fewer used cars in ’08 than last year.