Used car prices on the rise

Used car prices on the rise

According to used car valuation figures produced by whatcar.com, used car prices increased in January by 0.8%, compared with December of 2012. Of all manufacturing sectors it appeared to be used 4x4s that represented the best bargains, they actually dropped 0.7% in price, whilst coupes were the ones taking the most gain in value with a 4% rise in price.

Petrol models rose by 1.1% on average, whilst diesel models were up by 0.5%. When looking at a wide spectrum of cars, it appeared to be one year models that had fallen the most in price by 1.7% against the figures from January of the previous year, 2012. Three year old cars appeared to drop in value by around 0.3% and five year old models actually had a 1.7% increase on average, compared to the trend that appeared to be forming of used cars decreasing in price.

4×4 cars appeared to be worth the most after one year, with an average of 78.4% retained value, whilst Multi Purpose Vehicles (MPVs) held on to the least value at 62.8%. Three year old 4x4s also held onto the most retained value at 60.7%, with luxury vehicles being at the very bottom of the pile with a 44.3% retained value.

Are you looking to sell your own used car?

If you are looking to sell your vehicle and you have what dealerships would call prime stock, a low mileage vehicle, good condition, not too old and not too young, you are actually in the rather luxurious position of being able to negotiate on price. Dealerships are actually crying out for vehicles such as this as they are rather difficult to acquire from auction at the present time. Take full advantage of your situation. Dealerships are looking for something that they can clean, make look fantastic, polish and put onto the forecourt, something that is going to make them a lot of money, so you should be asking for your fair share. Practice your negotiation skills before you attempt to sell your used car and do not leave the dealership until you have been awarded your absolute moneys worth.