Used car price record
BCA says used car values have now risen for three full quarters – and reached a record price level.
Never before has the average used car value topped the £6000 barrier.
Yet, in July, it stood at £6028 – a 3 percent rise on June values alone. This represents a massive 21.8 percent increase on June 2008 values.
What’s causing it? Once again, the finger is pointed at supply and demand. This time it’s BCA director Tony Gannon, who says demand for used cars is ‘keeping prices firm.
‘Average values at auction have risen by nearly £400 over the past three months, despite the market now entering a period where prices have traditionally softened.’
That’s why SMMT figures showing the new car market is picking up too are so encouraging. ‘These are the cars that will feed the used market in the years ahead.’
But they’re not going to filter through for soon, he added – meaning used prices are going to remain high for a long time yet…
You never forget your first… car