The What Car? Price Index, which tracks the cost of buying cars, reports that prices rose despite new car sales dropping 5.6% year-on-year in the month when the 05 plate was introduced.
Buyers of nearly new cars (one-year old) and used cars (three-years-old) are having a better time as nearly new cars dropped in value by over 6% in March, while used car prices dropped by 7.5% – both compared with March 2004.
Steve Fowler, What Car? group editor, says: "Given the slow new car sales in January and February, we’re surprised our Price Index didn’t show a drop in prices during March – we’d expect dealers to be trying to entice more buyers into the showroom. It will be interesting to see if their tactics continue, especially as prices of second-hand cars on dealer forecourts are coming down markedly."
Only three types of new car are cheaper than they were a year ago:
|City cars (eg Ford Ka)||1.4%|
|4x4s (eg Land Rover Freelander)||2.1%|
|Executive cars (eg BMW 5 Series)||0.5%|
Six categories were noticeably more expensive than they were a year ago:
|Superminis (eg Vauxhall Corsa)||+0.2%|
|Small cars (eg Peugeot 307)||+4.0%|
|Family cars (eg Renault Laguna)||+2.5%|
|MPVs (eg Ford Galaxy)||+1.4%|
|Compact execs (eg Merc C-Class)||+1.4%|
|Luxury cars (eg Audi A8)||+3.0%|