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VRA suggests used car market stable
July 26, 2012
According to research by the Vehicle Remarketing Association (VRA) the drop in the price of second-hand cars is slowing.
The VRA have released figures that suggest the used car market is stable and consistent. The figures show that book values for July are down by 1%, however, the last few years’ trade values have been marked down by as much as 3%.
Perhaps unsurprisingly, smaller, petrol powered cars appear to be the most popular amongst used car buyers. This is likely due to running costs and fuel prices. The cost of young drivers insurance for a small car such as a Ford Fiesta or Vauxhall Corsa tends to be lower as well.
The VRA also believes that trade buyers are becoming more selective as to which cars they buy, with drivers of less desirable cars forced to slash reserve prices to get a sale.
The VRA's figures also suggest that there is an increasing trend of dealers buying cars that are ready to sell. This means that vendors have to spend large amounts of money on refurbishing vehicles before selling on.