Used car prices remain 'stable'
The used car market has remained "consistent and stable", according to the latest figures from the Vehicle Remarketing Association (VRA).
The figures from the VRA show that in July book values for used cars only fell by 1%.
The data also shows that the largest profit margins are on small used cars, because motorists are looking for vehicles with low running costs.
However, drivers still need practical cars and because of this small five-door models have become very sought after and for the first time they are commanding higher prices than three-door models.
According to the VRA, trade buyers seem to be becoming quite picky, and less desirable cars, for example those in unpopular colours, are proving difficult to sell quickly, unless prices are lowered.
Buyers are also seeing a price benefit in refurbishing cars before putting them up for sale, as trade buyers are increasingly looking to purchase cars that can be sold straight away. Petrol is still the most popular engine choice in this market.
published: 23/07/2012 17:00:00