Used car values rise in January

Feb 6 2009

People looking to take out unsecured Car Loans in order to buy a second-hand vehicle may look to make a purchase sooner rather than later.

According to British Car Auction's (BCA's) latest Pulse report, the used car market began 2009 in positive fashion with prices up by an average of £300 in January compared to December.

Despite the gloomy economic outlook, a reduction in the number of used cars for sale contributed to a rise in values and BCA's communications director Tony Gannon said January performance was "very strong".

"With three consecutive months of price rises across the widest basket of cars, it is tempting to suggest that a recovery in average used price is on the way," he stated.

However, he suggested that used cars remain "exceptional value for money", which is likely to come as welcome news for secured car loans customers.

Despite the rise in prices, HPI's used car valuations expert Martin Keighley claimed that 2009 will still be "a buyer's market", with the worst still not over for the used car sector.

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