The used car market is likely to be the first to recover from the economic downturn, according to Europe’s leading supplier of automotive business intelligence.
EurotaxGlass’s, which publishes Glass’s Guide, has said that there are grounds for "cautious optimism" regarding potential sales of new and used cars next year.
The valuator has predicted that the new car market will experience a steady yet modest upturn of sales.
Adrian Rushmore, EurotaxGlass’s manging editor, said that market conditions will remain difficult for car dealers in the short term.
"However, we believe the swift and painful downturn we saw in the summer months of 2008 was probably a one-off event.
"The arrival of the ’09’ plate next March will clearly be an acid test for both new and used sales, and analysis of the current market indicators suggests there are reasons for cautious optimism," he said.
According to figures released by British Car Auctions earlier this month, the used car market is showing signs of recovery. Data for September revealed that used car values rose for the first time since May, by a modest one per cent.
Written by Neil Grayson