Used car prices rise in January

Feb 2 2009

Interest in the used car market increased in January as car auctions across the country enjoyed a surge in visitor numbers.

Manheim's latest market analysis could provide good news for those looking to offload their vehicles, with prices increasing to an average of £6,054 - up 5.8 per cent since December.

Prices rose the most across the compact executive segment, which showed an eight per cent increase, while those looking to sell MPVs also saw values rise by 7.5 per cent.

Mike Pilkington, managing director of Manheim Auctions and Remarketing, said many dealers had moved to stock up on used vehicles in order to meet greater demand from Car Loans customers and buyers.

However, he also sounded a note of a caution to the industry.

"Although there appears to be healthy consumer interest, it remains to be seen for just how long this will be sustained," he commented.

Which? Car editor Richard Headland recently advised car loans applicants that there has "never been a better time" to purchase a new or used car, with a number of bargains currently on offer.

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