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Price rise for second-hand cars
08 March 2013
Used cars are becoming more expensive, according to a new report by British Car Auctions (BCA).
Up 13% year on year, used car values are increasing with average prices staying about £7,000 for the third month in a row. February 2013 recorded the third highest monthly average since BCA reports began back in 2005, and was significantly ahead of February 2012 too.
With fleet and lease values in particular reaching new heights, average part exchange values are also staying strong at more than £3,500 for the third consecutive month.
Simon Henstock, BCA's operations director, said: "As household budgets remain squeezed, the increased demand from motorists for affordable transport is driving values upwards.
"The rise in average prices at the 'value-for-money' end of the market must reflect the current economic conditions.
"Despite these record values, there remains an underlying fragility in the marketplace with the difficult on-going economic conditions. Prices are high largely as a result of the constricted supply and putting seasonal variables aside we should expect a similar picture across much of the coming year."
For those who simply cannot afford to buy a more expensive car or cover it with appropriate breakdown insurance , a cheaper used car - along with cheaper insurance - should appeal to those seeking to cut costs.