Values of Used Cars Up

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Publish date: 2010-01-14

The month of October was probably the next one to see the phenomenon so far reserved for used vans only. According to a new survey delivered by market research companies, HPI among them, values of used cars increased in October. The used car valuation index by the HPI showed an increase of 8.8 percent on the year-on-year rate. More interesting, September saw a rise in value of used cars around three percent over a period of 12 months and 36 months. The difference is minimal in terms of fuel types. Diesel models reached an estimated 3.2 percent while comparing to some 3.1 percent rise for petrol units. Market analysts admit that the rise in values of used cars could bode well for dealers. Average values have been seen as rising steadily since the beginning of this year and are set to buck the seasonal trend simply by not falling over the months to come. Additionally, market analysts say that values for most models of used cars are unlikely to fall for the foreseeable future. This is good news particularly for dealers. At the same time reports from auction companies’ state values of used cars dropped for the second consecutive month. Now probably everyone is anxious to see the impact of the scrappage scheme end early in 2010 on the second-hand market and prices of new cars.

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