Further reductions in transaction prices – created by consumer demand – will put extra downward pressure on used car prices, said Glass's managing editor Adrian Rushmore.
“Prices paid by retail buyers have been falling for many months,” said Mr Rushmore, a speaker at Used cars: the future, Automotive Management's spring conference. He replaces Glass's managing director Paul Jarvis.
Automotive Management's spring conference will be staged at the International Convention Centre, Birmingham, on Thursday, May 24 (a change from the date in the February 16 issue). The AM100 dinner will be held on the evening of May 24, also at the ICC.
Mr Rushmore said the latest Eurotax/Glass's European used car residual price index showed the value of the average in Britain had fallen 6.5% in 12 months. Residuals in Belgium were down 7.2% – but cars in Holland and Spain gained 1.9% in value last year.
Mark Cowling, Cap Motor Research chief European economist, is also a speaker at the conference, which will analyse trends in the used car market and profit potential. John Kiff, a director of the International Car Distribution Programme, will be chairman.
Martin Hall, Finance and Leasing Association director general, will be a speaker. FLA research shows more than £1bn was slashed from motor finance companies' used car business last year.
John Brewer, MSN CarView, has confirmed as a speaker – others will be announced later.