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Used car values at lowest rate

Used car values fell to their lowest point in October according to data from vehicle auction company BCA.

The average cost of a used car dropped to £4,743.

It comes after months of sustained pressure which has seen average values fall by more than £1,000 in 2008 alone.

Year-on-year, values are £743 behind those recorded in 2007.

It is the fourth month running the overall auction value has been below £5,000 and compared to earlier in the year monthly values remain down by about £1,000.

However BCA’s Tony Gannon said: “Despite these difficult times, there are a number of operators who are continuing to flourish in the wholesale market, both as sellers and buyers.

"Those professional buyers who are agile and are adapting to the conditions are reporting decent footfall into retail outlets, particularly when they price stock keenly.

"Feedback from our auction buyers suggests that retailers selling affordable budget stock are finding a steady demand from retail customers.”

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