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Used cars fetching higher prices at auction

Used cars fetching higher prices at auction Image

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

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