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car news headlines Used car values expected to fall
Used car values expected to fall
Aug 7 2008
The government's proposals for changing the way vehicle excise duty (VED) is calculated could see used car values fall, according to one expert.
Sue Robinson, director of the RMI National Franchised Dealers Association, said the changes, which are due to come into effect next year, will have a detrimental effect on the value of second-hand cars.
"At the same time interest rates remain high, possibly increasing the cost of buying a new car. Many potential buyers waiting to see what happens," Ms Robinson commented.
The government ought to reduce interest rates, bring stability to fuel prices and offer "clarification over the future cost of motoring" to improve confidence among consumers, she added.
In related news, the new car market saw a 13 per cent fall in new car registrations in July, Car Finance customers may be interested to learn.
Paul Everitt, chief executive of the SMMT which produced the figures, said this decline was occurring despite new cars being 22 per cent more affordable than a decade ago.
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