Used car values fall in August

Sep 8 2008

Used car values continued to slide last month, according to the latest figures from British Car Auctions (BCA).

The organisation reported that average used car values fell by £200 to £4,765 in August, representing a 3.7 per cent decrease on the figure recorded a month earlier.

BCA noted that August was the second consecutive month where average used car values have not exceeded £5,000.

Commenting on the data, Simon Henstock, UK network operations director at BCA, said: "August is traditionally one of the slower months for used car trading and this combined with the current economic conditions meant we were unlikely to see overall values rising."

Mr Henstock claimed there has been growing interest in budget cars, whose values have "remained comparatively strong", as many motorists look to downsize their vehicles.

Last month, BCA reported that people looking for classic cars for sale continue to pay high prices for vehicles.

At its latest classic car event held at Blackbushe in July, one buyer paid £18,425 for a 1979 Ferrari 308 GTS.

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