The Values of Used Cars Proceed to Increase
For the sixth month in a row the value of used car has continued to increase. The year-on-year rates are up by 4.3%, according to an auction house BCA. The average worth of a used car is £235 more than they were last April.
The mean public sale value of a car is £5,641 for which BCA has attributed the rise to low auction stock and this has been triggered by an underachieving new market.
This news is not at all good for car owners. The value of new models decreased this month by a remarkable 15.5%; with a newly registered car value to a surprising £2,422 less than it was the previous month.
BCA says this variation is customary. It is established on low volumes of stock and the mix of various models coming to the market. The BCA further warns that the introduction of the scrappage plan on May 18 may bring prices further down.