Used car price falls slow

Time 7:51 am, December 15, 2008

Used car price falls slowAUCTION prices for used cars fell again in November – but the rate of decline in the market has slowed.

Manheim Auctions reported that the average used car selling price was £5905. This was 1.6 per cent down in November, and 15 per cent down on 2007.

This compares to a 4.4 per cent decline the month before.

Furthermore, while auction prices of cars in the manufacturer and dealer sector continued to decline, values in the fleet sector actually increase.

Fleet sector’s rise of 3.4 per cent contrasts with a steep decline of 10 per cent the month before.

Declining sectors included large family vehicles in the dealer sector, which fell by 9.2 per cent, or £130. Small hatchbacks in the manufacturer sector declined by £146, or 2.1 per cent.

However, there were gains in the fleet sector:

•    Superminis up 3.7 per cent (£111)
•    Medium family cars up 2.7 per cent (£119)
•    Soft Roaders up 2.8 per cent (£152)
•    Off Roaders up 5.7 per cent (£570).

Mike Pilkington, MD at Manheim, said: ‘Following the fall in average sales values in October, and the gloomy economic outlook, the fall in average values of just 1.6 per cent in November was less than expected.

‘Although conversion rates are lower than previously recorded at this time of year, demand from buyers has remained strong.

‘With the continued decline in new vehicle registrations, there is still evidence of dealers concentrating on profit opportunities through used vehicles.’

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