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Average used car values decline

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Average used car values dropped by 2.5% in October, new figures have shown.

A report by British Car Auctions found that average used car values fell from £5,938 to £5,792 in the month - a year-on-year fall of £229, but £1,000 ahead when compared with October two years ago.

According to the auction company, the decline in values is largely attributed to "continuing economic uncertainty and fiscal pressures" but was countered by a lack of supply of quality used vehicles.

Tony Gannon, communications director, BCA, said: "October has heralded the typical slowing in demand that the market usually experiences in the run-up to the Christmas period.

"However, the effect has been tempered this year by the continuing shortage of retail quality stock - the competitive pressure for the best examples in the wholesale arena has meant average values are probably stronger than expected."

Mr Gannon added: "Used cars continue to be the battleground for dealer profitability and this will remain the case while new car retail sales continue to be slow."

© Press Association 2010