New research from the firm shows that the average price of a used car sits at £8,695. It’s a sign that consumers continue to be show caution and belt-tightening in the double dip recession, says UsedCarExpert.co.uk.
The south west tops the polls as the cheapest place to buy a used car (£7,316) compared with the most expensive region, the north east where car buyers will have to pay on average £2,870 more for a used car.
While on a national level used car prices have reduced, two regions have seen price rises of up to 5.5 per cent, namely the south east up by 5.5 per cent and the east midlands up by 2.3 per cent, but nine out of 11 regions have seen used car values fall.
The north east is the most expensive place in England to buy a used car with average prices at £10,186 and around £1,491 more than the UK average. These prices have hardly moved since January suggesting they have reached the top of the market.
The cheapest place to buy a used car is in the south west, £1,379 lower than the rest of the UK, having dropped 0.19 per cent since March 2012.
UsedCarExpert.co.uk’s editor, Matthew Tumbridge, said: ‘Used car prices have hit rock bottom in some regions, so it’s a great time to grab a bargain while prices are so low. It certainly pays motorists to shop around to get the best used car deal, as they can save up to £3,000 if they are prepared to travel.
‘For example, a Fiat 500 in the north east costing £9,990.00 is only £6,995.00, for a comparative model in the south west – a massive saving of £2,995.
‘There have been big drops in prices over the last few months and in some regions such as the west midlands, prices have fallen 5.36 per cent. Clearly motorists do not feel confident about the future in the region and are not buying cars.
‘But the picture is very different in greater London, the second most expensive place to buy a used car. It has managed to hang onto its premium prices, so savvy buyers could save an average of £800 by venturing into the counties of Kent and Sussex.’