Used car values hit record high
08.09.2010 - Martin Gurdon
(10)
Britain is a car seller's market with used car values hitting a record high, according to new figures by British Car Auctions (BCA).
According to BCA's 2010 Used Car Market Report, used car prices rose sharply last year, exceeding a market-wide £34bn total for the first time. During the same period new car values have remained unchanged.
The BCA study found in 2009 that the average used car rose in value from £4,868 to £5,422 compared to the year before. Used car dealers saw the average selling price of their stock rising by £593 to £7,143.
Hatchbacks such as superminis Ford Fiesta and Seat Ibiza as well as mid-range models such as the Vauxhall Astra, Volkswagen Golf and Ford Focus took up the lion's share, with 46 per cent of used car sales.
Used diesels have enjoyed a 10 per cent increase since 2006, helped by demand for diesel-powered models from manufacturers like Volkswagen and Skoda. Diesels took 36 per cent of Britain's second-hand market.
