Second hand luxury car prices are plunging, as executives trade down to cheaper models, according to Glass’s Guide.
Executives are increasingly reluctant to spend more than £30,000 non a used car, forcing top end prices down, reported Daily Telegraph.
Glass’s Guide calculates that the average one-year-old luxury family saloon car has dropped by 21% compared with a year ago, on top of the normal slide you would expect from depreciation.
Richard Crosthwaite, Glass’s prestige car editor, said: “The economy has certainly made it mark, accelerating the trend where fleet buyers and consumers are gravitating towards smaller, cleaner and more fuel efficient alternatives.“