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12/01/2009
The value of used motors will stabilise in 2009, say car value experts.
EurotaxGlass's, publishers of the Glass's Guide to Car Values, said that the new and used car markets were out of sync in 2008, due to a peak in new car registrations in late spring.
"Used car demand [was] totally out of step with the growth in supply," said Adrian Rushmore, managing editor at EurotaxGlass's. "As a result prices fell at a faster rate than at any time in living memory, far surpassing the decline of the early '90s."
Earlier this week the Society of Motor Manufacturers and Traders predicted that new car sales would decline by a further 1.78 million units in 2009.
Rushmore said that the drop in new car registrations would produce fewer part-exchanges for the used market to absorb.
EurotaxGlass's also predicts that a 40% drop in the supply of nearly-new cars on a year ago will allow second-hand dealers to concentrate on selling in-demand affordable cars.
But while used car values are expected to stabilise in 2009, Rushmore said that an improvement in demand was unlikely, and prices would drop further.
"Prices for used cars have not yet hit rock bottom and are likely to continue on a downward path for much of 2009," he said.
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