New figures released by vehicle auction company BCA [comma]have shown that used car values are steadier than this time last year.
Average monthly used car values fell in October to £4,743 – their lowest point this year – following a slight rally in September.
But the fall of £69 was actually lower than that experienced over the same period last year and comes after many months of sustained price pressure that has seen average values tumble by over £1,000 in 2008 alone.
Looking at the bigger picture, year-on-year values are £743 behind those recorded in 2007.
BCA’s Tony Gannon believes that the market is experiencing the sort of conditions that can promote extreme short-termism amongst professional buyers.
But he struck a note of optimism by saying: "Those professional buyers who are agile and are adapting to the conditions are reporting decent footfall into retail outlets, particularly when they price stock keenly.
"Feedback from our auction buyers suggests that retailers selling affordable budget stock are finding a steady demand from retail customers."
Written by Trevor Coffee