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22/01/2009
Used car values have stabilised as dealers buy more, according to car value experts.
EurotaxGlass's, publishers of the Glass's Guide to Car Values, says that the number of used cars bought by UK dealers has risen dramatically over recent weeks.
It says the combination of higher demand and reductions in available stock has brought about a "welcome halt to falling values".
The news follows a prediction by the publisher last week that used car values would even out during 2009.
"Since [the new year] prices for most volume-brand used cars have either held firm, or as with some ex-rental cars, risen by the low hundreds of pounds," said Adrian Rushmore, managing editor at EurotaxGlass's.
Rushmore said that dealers are buying more used cars to counteract an expected shortfall in income from new car sales in 2009.
He added that competition for quality used cars and even 'problem' cars and those in less popular colours had led to higher bids at auction.
However, he warned that this period of stabilisation is likely to be "a respite and not a recovery".
"We are still in a price-driven market, and retail customers are likely to balk if higher trade prices are translated into higher forecourt prices."
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