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Rise in second-hand car values

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Figures released by British Car Auctions have shown that second-hand car values increased by 2% during August.

According to the report, overall values shot up by £121 to £5,905. But in comparison with the same period last year, they were £318 lower.

Leading to a modest improvement in the used car market, fleet and lease and part exchange sectors witnessed rises.

However, the study added the average values in the nearly new sector declined slightly during the month.

The rise in used vehicle sales indicates more people are looking to reduce motoring costs and their car insurance premiums.

Tony Gannon, BCA's communications director, said: "Following a period of softer demand over the peak summer months, the latter part of August saw increasing interest from professional buyers, leading to a welcome improvement in conversion rates and the resultant increase in average values.

"It is notable that new cars recorded their worst August monthly sales figures for 44 years over the same period and further proof that used cars remain the bedrock of profitability for retail dealers."

© Press Association 2010