Used car values on the slide

25 July 2008

Prices fall by 7% in the last three months
Biggest drop for more than three years
Convertibles buck trend

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Used car prices are under pressure as economic gloom hits the car market.

The price of the average used car fell to £5332 in the second quarter of 2008, from £5722 the previous quarter, according to British Car Auctions (BCA). That’s the steepest drop BCA’s research has uncovered for three-and-a-half years.

BCA Communications Director Tony Gannon said: 'It is no surprise to see values under pressure in Quarter 2 – we have seen average prices fall in the same period in previous years, although not as far or as fast. What is more important now is seeing if the market will bounce back in quarter three as it has in previous years.'

At least one sector of the market is bucking the trend, however. The price of convertibles has held firm in recent BCA sales, with many selling for more than the estimated value listed in the trade price guide.