Used car prices fall by 1.7%

Sep 15 2008

Those conducting a Used Car Search last month were likely to have seen average selling prices fall by 1.7 per cent, according to new research.

Manheim's Market Analysis report found the average selling price for used cars stood at £6,068 in August, just £103 lower than during the previous month.

By contract, July saw a £413 fall in average selling prices, the company noted.

Mike Pilkington, managing director of Manheim Auctions and Remarketing, said: "The August market is traditionally a quieter month for wholesale activity."

However, despite "positive signs" in recent months, "caution must be exercised in drawing too many conclusions" about the state of the market just yet, he added.

Simon Henstock, UK network operations director at British Car Auctions, recently said that used car trading activity tends to be lower during this part of the year.

He claimed that given the credit crunch, it was "unlikely" that used car values would have risen in August.

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