Used car prices up in May 2011
According to a survey carried out by Motors.co.uk used car prices in May rose by nearly 18% on some makes and models. The increase is against used car prices seen in January 2011. Some of the reasons for this substantial increase include; rising inflation increasing fixed costs for dealers, VAT increases and a shortage of good quality used car stock.
The survey was out on 30,000 used car listings from January to May. Five makes and models were analysed, Audi, BMW, Vauxhall, Volkswagen and Ford. On vehicles with mileage of between 10,001 and 20,000, the top five models with the largest price increases were:
1. Audi A6 – 17.9%
2. Vauxhall Zafira – 13.4%
3. Vauxhall Astra – 8.7%
4. BMW 3 Series – 6.4%
5. BMW 5 series – 5.8%
Dermot Kelleher the head of research at Motors.co.uk, said: “Advertised used car prices on motors.co.uk have increased by nearly five per cent on average since January 2011 and there are a number of factors that we believe are influencing this. These include rising fixed costs for dealers like energy, fuel and insurance, as well as a shortage of good quality used car stock driven both by the reduction in new car sales from 2008 onwards, and the fact that in the current economic climate, consumers appear prepared to hold on to their vehicles for longer.”
According to Dermot Kelleher these increases in fixed costs and decrease in good quality used cars in York have combined to produce extremely challenging trading conditions for dealers – with asking prices marked up in order to compensate for the reduction in volumes.
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