car news headlines
Average used car prices have continued to rise over recent months and show no sign of abating through the summer, it has been claimed.
Figures from the British Car Auctions (BCA) organisation have revealed that average used car values have now risen for seven consecutive months.
In May, average used car values grew by 2.3 per cent compared to the previous month and were 5.7 per cent higher than in May 2008.
"May has been a pleasant surprise, as all the signs were that the market was about to soften. However, with volumes down and demand holding up exceptionally well, we have recorded another increase in average value, month-on-month," said BCA communications director Tony Gannon.
"Despite the market now heading into what is traditionally the quietest time of the year, signs suggest that average prices will be maintained at this higher level - at least while supplies of vehicles are relatively thin in the wholesale market," he added.
The UK used car market has recovered strongly since the start of the year after suffering a slump in demand at the end of 2008, when the banking crisis hit the industry hard.
Meanwhile, recent statistics released by EurotaxGlass's have suggested the JAGUAR XF will hold its residual value better than other cars over the coming years.
More from Motoring
Impact of scrappage scheme 'yet to be seen'
Jun 4 2009The impact of the government's scrappage scheme for used cars has yet to have a significant impact on the new car market, it has been claimed.
More from Motoring
Used car market shows signs of stability
Jun 3 2009New figures from the used car industry have suggested the market is beginning to show some signs of stability following the plunge in average prices at the end of last year and their rapid rise at the start of 2009.
More from Motoring
Used car market set to soar
Jun 1 2009New figures from Sainsbury's Finance have suggested a growing number of people are planning to invest in a used car over the months ahead.
More from Motoring
Scrappage scheme boosts car sales
May 29 2009The latest car sales figures have suggested the implementation of the scrappage scheme in the UK is having a positive impact on the industry.
More from Motoring
Motorists prepared to switch to electric
May 29 2009New research from the RAC Foundation has claimed as many as 6.
More from Motoring
Used car values continue to rise
May 27 2009New figures have revealed that the average value of a used car has continued to increase over the past month, as demand shows little sign of abating.
More from Motoring
BCA offers new option for used car buyers
May 22 2009Used car buyers and sellers will in future be able to access a wider choice of vehicles over the internet thanks to a new development from the British Car Auctions (BCA) organisation.
More from Motoring
Car production continues to slide
May 22 2009The latest figures released by the Society of Motor Manufacturers and Traders (SMMT) have revealed a continued fall in vehicle production during April.
More from Motoring
Which? warns on scrappage scheme
May 22 2009Consumer watchdog Which? has warned motorists they may be better off buying a used car than buying a brand new one under the government's scrappage scheme.
More from Motoring
Car scrappage issues "resolved"
May 20 2009Teething problems surrounding the government's car scrappage incentive scheme have been cleared up and the initiative can now be rolled out in full, it has been announced.
More from Motoring
