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Used cars 'getting cheaper'

Thu, 10 Oct 2013

CONSUMERS holding on to their motor for longer are driving down the cost of used cars, according to new research.

The average price for a second-hand car in July-September 2011 was £8,870 - a 2.4% decline compared with the same period a year ago, according to the Auto Trader company.

It is the first time the price has dipped below £9,000 since the company started tracking the market in January 2010.

Almost all regions experienced a decline in price compared with the previous three months, while only Scotland (up 2.8%) and the east of England (up 3.82%) had rises compared with July-September 2010.

The most commonly searched-for vehicle in July-September 2011 was the BMW 3 Series followed by the Volkswagen Golf and the Ford Focus.

The major climber year-on-year was the Ford Fiesta.

Auto Trader director Tim Peake said: "A lower overall supply of one to three-year-old vehicles entering the UK car market, combined with consumers holding on to their cars for longer, is increasing the average age of vehicles in the UK and this is being reflected in lower average overall prices."

By Peter Woodman, Press Association