Used car values down £97 in November

Dec 10 2008

Used car owners saw the value of their vehicles fall again in November, according to a report.

Manheim's latest monthly market analysis revealed that the average wholesale used car selling price stands at £5,905.

This represents a small decline of 1.6 per cent (£97), compared with a 4.4 per cent fall in October.

Nevertheless, the average price remains more than £1,000 lower than in November of last year, the report shows.

Commenting on the figures, managing director of Manheim Auctions and Remarketing Mike Pilkington said the fall was less than expected.

"Although conversion rates are lower than previously recorded at this time of year, demand from buyers has remained strong," he remarked.

With the decline in new vehicle registrations, dealers were still concentrating on profit opportunities through used cars, Mr Pilkington added.

New car registrations fell to 103,333 in November, a fall of 36.8 per cent on last year's figures, according to data released by the Society of Motor Manufacturers and Traders.

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