Oct11
Used Cars
September sees a rise in the price of used cars
Once again there has been a rise in the average cost of used cars, with September values rising to £6,912. The rise in price of used cars has been consistent since April, along with an increase in the value of part exchange deals.
Industry insiders believe the increase in the price of used cars is predominantly due to sales of new cars slowly dropping off. It is thought current economic conditions are playing a part in the decreasing sales of new cars, as more people are looking for a bargain which they are more likely to find in the used cars market.
The figure for September marks a rise in prices of 5.4 per cent with the value of dealer part exchanges witnessing an increase of 3.5 per cent, up to £2,289.
Small and medium sized used cars fared particularly well. It is thought people are looking to downsize to not only benefit from cheaper used cars in the first instance, but also to make savings on running costs, fuel and tax further down the line.
Part exchanges on medium sized family used cars have fared well, averaging £2,264. Part exchanges on small hatchbacks have also seen a significant rise, up 3.4 per cent to £1,872.
Another development identified by the research shows that the age of used cars sold across the UK is increasing along with the price. The average age of used cars on UK roads has risen to 7.25 years, which represents a 14 year high. It is believed this trend is one which is likely to continue as cars are better made than ever before.
Here at Ron Skinner & Sons our prices do not reflect a September price rise. The used cars we sell represent fantastic value for money, and with such a wide choice available you are sure to find just the make, model, age and spec of used car you are looking for. Browse online and visit our showroom for a test drive.
