Car values on the rise

Used car dealers across the UK will welcome new figures from British Car Auctions (BCA) which reveal that used cars have increased in value over the past few months.

Despite a tough year for the car industry, the results of the BCA’s Pulse survey found that average used car values increased by £300 in January compared to December 2008.

While the economic turmoil of the past year has hit the overall values, with used cars remaining down on figures for January last year, the growth in value in the past month suggests something of a recovery for the sector.

The report also revealed there had been an increase in demand from professional sellers that had helped to push up prices, as interest in used cars appears to have been stimulated in recent weeks.

"Overall performance in January was very strong," said Tony Gannon, communications director at BCA.

He added: "As far back as January 2nd, BCA was reporting that business had started with a bang and subsequent messages during the month suggested that the levels of interest were as high as could have been expected."

It was the third consecutive month that the survey had registered an increase in the overall value of used cars.

Written by Barry Oakey

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