THE average price of a used car in the UK has fallen 1.5 per cent since January 2012 to an average of £9,376, says figures published by UsedCarEditor.co.uk.
While on a national level used car prices have reduced, some regions have seen price rises of up to 12 per cent, but six 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 £10,427 and around £1,051 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, where average prices are now £7,506, £1,870 lower than the rest of the UK, having dropped 8.5 per cent since January.
The largest hike in used car prices is in Northern Ireland, with the average cost of a used car now stands at £14,218, up 12 per cent up on the previous high of £14k.
The lowest drop in prices is in Scotland, which has seen less than a one per cent change, with the average cost of a car, now at £9,152.
UsedCarExpert.co.uk’s editor, Matthew Tumbridge, said: ‘There are large regional variations in car prices, but the overall national picture is that prices have dropped. This is a result of the weak economy, motorists keeping their cars for longer and the continued pressure on consumer’s wallets from rising motoring costs.
‘It pays motorists to shop around to get the best used car deal, as they can save up to £3k if they are prepared to travel. There are lots of reason why there are marked regional price variations, but broadly they fall into two categories: geography and economy. The geography sets the average price’s range for an area, and the economy moves the price point within that range.
‘Regions with large urban centres and good road networks tend to have a more vibrant market with higher average car prices and more volatility. Regions like the south west with a scattered population and less-good infrastructure tend to have deflated prices by comparison.
‘Within those geographic scenarios, where consumers feel confident about their job and financial prospects they change their car and the demand sees prices go up. When worried they sit tight and prices fall. So these car prices, when taken regionally and nationally are a good barometer of economic confidence.’
