Used car market 'stable'

Sep 1 2008

The market for used cars continues to be stable despite current economic turbulence, it has been claimed.

A survey carried out by Manheim Retail Services discovered that franchised dealers have seen only a slight fall in enquiries and test drives from customers, some of whom may have Car Loans.

The company said this was the case in a number of categories, including small hatchbacks, medium family and executive cars.

John Simpson, managing director of Manheim Retail Services, said given that new car registrations fell by 13 per cent in July, the interest in used cars for sale is "encouraging".

"In the five vehicle segments analysed, used car sales were only down by an average of less than one unit per dealer per month," Mr Simpson stated.

"And as to be expected, interest levels and sales were highest in the small hatchback and medium family segments," he added.

During the second quarter of this year, average used car values fell from £5,722 to £5,332, British Car Auctions reports.

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