Used cars fetching higher prices at auction
Used cars going under the hammer at auction are fetching higher prices than ever, a report has shown.
Experts say the trend, which saw the average value of used auctioned used cars increase by 2.2% in October, is down to the big increase in the number of vehicles that are less than two-and-a-half years old being sold at auctions, making dealers keen to buy.
October saw 12.6% more used cars sold at auction than in the previous month, the National Association of Motor Auctions (NAMA) found, with used Car Warranty purchases also likely to have seen a big rise.
NAMA said more used car dealers had bought at auction following a greater choice of stock available at auction in October, traditionally a month when the market can slow down.
Despite the average value of used cars brought to auction jumping from £4,624 in September to £4,724 last month, NAMA's report did not touch on the overall slowdown in the market during the final week in October and the beginning of November.
published: 14/11/2012 17:00:00