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Used car prices will drop

Used car values will fall by eight per cent this year, according to Eurotaxglass.

Car depreciation rates are worsening in general, thanks to current economic instability and green taxes.

Large family cars and 4WD vehicles are worst affected, while fuel efficient cars and smaller vehicles continue to hold value better.

Eurotaxglass suggests that the increased rate of borrowing, stagnant house prices and the credit crunch have now spread to the car market.

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