Record rise in used car values

Mar 31 2009

New figures have revealed a record rise in used car values for April as more people look to the used car market.

According to research published in the CAP Black Book, this April's used car market will be more crowded than ever, resulting in an increase in prices as more people enter the sector looking for a bargain.

"For many years April has historically seen a typical two per cent reduction in trade values but this year values are increased across all 05 to 08 plates by an average five per cent," the report reveals.

"Black Book values are now closer to those published as long ago as November after three months of concentrated buying activity by dealers who had run stocks down toward the end of last year," it added.

Many people are expected to enter the used car market this year because of the global economic downturn, which has resulted in motorists looking to save their pennies by buying a cheap car rather than splashing out on a brand new one.

The new car market has suffered a dramatic slump in demand over the past year because of the global recession.

Earlier this year, the UK government provided £2.3 billion in loans to the car industry in an effort to shore up the sector.

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