On the month-to-month measure, new car prices were static between June and July, registering almost no change. This follows on from the 0.9% fall between May and June, which was the largest fall on the month-to-month measure in any single month since February 2002.
Nearly new prices, which reached their lowest level in the lifetime of the A&L index last month, firmed considerably during July but are still 3.8% down on a year ago. This is however, notes the A&L, substantially less than the 11.4% annual fall in June and the 9.0 fall recorded in May.
Nearly new prices rose by 5.2% between June and July alone. This is the first month on month rise in 2003 in nearly new prices and is in contrast to the 2.5% fall seen between May and June. Used car prices indexed by the Alliance & Leicester, similarly at their lowest ever level last month, have firmed during the past month but are still some way down year on year. They are now down 7.5% on July 2002. In June they were 13.5% down year on year. The fall brings the year on year price change closer into line with the HICP estimate for used cars, which recorded a 3.8% year on year decline in July.
On the month to month measure, the A&L index shows used car prices rose by 2.3% between June and July having seen falls of 2.8% and 1.3% in the preceding two months.