Used-car values up again in 2007

Average values of used-cars increased in the first three months of this year – the third successive quarter that second-hand car prices have gone up, according to Manheim.

Analysis of the company’s sales figures shows that the average worth of a used-car in Q1 2007 was £6,643 – a 7.5 per cent increase on the end of 2006.

Manheim points out that this occurred despite seasonal influences pushing up the volumes of used-cars to record levels at the beginning of the year and brings average prices to their highest level since 2004.

There was a 2,580-mile drop in the average mileage of a second-hand car this year, bringing the number to 48,084 miles, and a one-month fall in the average age of a used-car to 38 months.

Rob Barr, Manheim’s group communications director, pointed out that the Q1 2007 statistics followed a strong set of figures for the previous year.

"The used market was very strong throughout last year against a weaker new car market and it continues to strengthen against improved new car sales in Q1 2007, which are up by three per cent," Mr Barr said.

"The fact that used-car volumes are up significantly also underlines the confidence and dependency dealers have on used car retail activity."

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