7:52 am, November 21, 2008
PRICES of one year old luxury cars have fallen by over 20 per cent in a year.
This is equivalent to a further £7263 loss in the trade value.
The worst model was the Mercedes S 320 CDI. A one year old model in November 2007 was worth £43,350. In November 2008, it is worth £33,250. That is an additional loss of £10,100, or 23 per cent.
Other models evaluated include the Audi A8, BMW 7 Series and Jaguar XJ.
Even greater monetary levels of depreciation are seen in the large luxury coupe segment. Here, 18 per cent has been lost from the trade in value. That is the equivalent of £9789.
Models assessed here include the Aston Martin V8 Vantage, Bentley Continental GT, BMW 6 Series, Jaguar XK, Mercedes SL-Class and Porsche 911.
‘A number of factors have combined to ravage the trade values of large luxury saloons and coupes,’ said Richard Crosthwaite, prestige car editor at EurotaxGlass’s.
‘The economy has certainly made its mark. A marked increase in supply within the used market has also hit values, particularly within the coupe segment, where sales of new examples have hit record highs over recent years.
‘While we have not yet seen values in these segments reach their nadir, I believe any further increases in rates of depreciation will be more modest during the next 12 months.
‘Now seems to be the ideal time for prospective used car buyers to consider picking up a former fat cat’s executive express.’
What will happen to the used car market?
