A new series of free quarterly reports highlighting key price trends in the UK's car market have been launched by Glass's Information Services.
A central feature of the Glass's Car Market Index report will be a statement of the trade value of a typical three-year-old used car, with comparisons against the previous 12-months and an indication of how Glass's expects this benchmark value to change over the months ahead.
The Index will also feature analysis of values for one- and five year-old cars, a look at trends in individual vehicle sectors, changes in new car prices, and key facts about the overall UK car market.
The quarterly Car Market Index highlights the trade value of the average three-year-old vehicle that has covered a typical 36,000 miles. In May 2004, this figure is £5,762.
By next month, the valuation experts at Glass's expect this to fall to approximately £5,677.
Values have reduced by 4.8% , or £380, over the last three months and this downward trend is expected to continue into the summer. However, Glass's says average used car values for 2004 are higher than for 2003 and the values of used three-year-old cars remains reasonably positive.
The Car Market Index provides insight into patterns of changing residual values in key market sectors. The Index reports on how values have altered over the previous quarter, and points to the market conditions driving these changes. Glass's also offers comment on those vehicles with the best and worst residual values in each sector.