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Used car prices to fall online, says expert
3-11-2009
The price of used cars looks set to fall, with the gap widening between online and at the dealership, according to Autoquake.com.
While the average price gap between the cost of cars on the website and in a forecourt is ten per cent, the figure has increased to 13 per cent in recent months.
Autoquake.com reported the car with the biggest decline has been the Renault Laguna, which has dropped in value by 14.8 per cent in the last month, a fall of £532.
Trade price guide Glass's has predicted that the market will fall further still, estimating a drop of between two and four per cent by the beginning of the new year.
Research by esure Car Insurance earlier this year found that 59 per cent of people thinking of buying a car were looking to buy used rather than new.
Fredrik Skantze, co-founder of Autoquake.com said after months of price rises, the used car bubble has burst.
"Values at auction have begun to slide and our prices are lower than they were a month ago," he added.
source: http://www.moneynews.co.uk/7554/used-car-prices-to-fall-online-says-expert/