Used car values rise four months in a row
09 July 2009
Used car prices have risen for the fourth month in a row – at a time of year when they usually fall.
Values have continued to increase since March according to vehicle history experts HPI.
This means private sellers could get more money for their motors, even in the current economic climate.
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Changes in car prices:
• 12-month-old cars are up 0.2 per cent
• Three-year-old cars are up 0.9 per cent on average
Cars at least three years old which run on petrol have received the biggest boost with an increase of 1.4 per cent.
Experts reckon the rise is due to a lack of quality used cars in the wholesale, auction and retail markets – leaving dealers short of stock. This allows them to rise prices slightly above the usual levels for June.
The overall year-on-year rate of depreciation has also slowed for the second month in a row, from 18.5 per cent to 15.6 per cent.
Changes in depreciation:
• 12-month old cars depreciation values improved by 3 per cent
• Three-year-old cars depreciation values improved by 2.7 per cent
HPI used car valuations expert Martin Keighley said: “The used car market has shown signs of stability in June and the prices we see now are on a par with September 2008.
“Small cars and superminis with low mileage are continuing to get good prices, but higher mileage and larger cars may struggle to find buyers.
“Month on month rises will slow or stall over the coming months, but year on year values will keep improving.”
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