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Motorists drive down used car cost

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Motorists are driving down the cost of second-hand cars by holding on to their vehicle for longer, it has been revealed.

In the July to September period this year the average price of a used car was £8,870, the Auto Trader company said.

This was a drop of 2.4% compared with the same period in 2010, figures show. The fall was also the first time since the company started tracking the market in January 2010 that prices slid below £9,000.

With average petrol and car insurance costs on the rise, motorists might be hanging on to their vehicle for a bit longer rather than spending on a new one.

The price drop was experienced across most regions when compared with the previous three months, with only the east of England and Scotland seeing rises compared with last year up 3.82% and 2.8% respectively.

During the period the most searched-for motor was the BMW 3 Series, with the Ford Focus and Volkswagen Golf also proving popular.

While the Ford Fiesta saw the biggest year-on-year increase in interest.

Auto Trader director Tim Peake said: "A lower overall supply of one to three-year-old vehicles entering the UK car market, combined with consumers holding on to their cars for longer, is increasing the average age of vehicles in the UK and this is being reflected in lower average overall prices."

© Press Association 2011