Average cost of used cars has been following a similar trend this year as the last couple of years. An analysis of the used car prices so far shows that this trend is likely to continue. While the austerity measures of the government and the global economic downturn have had obvious impact on the automotive markets, the price of used cars for the remainder of 2010 is likely to be only slightly less than previously.
The price of used cars has traditionally been higher in the first quarter and declined sharply in the second quarter. This year has been following a similar development in average used car prices. However odd it seems, there is a season for buying cars, and it is wise not to attempt to buy used cars at the very beginning of the year.
If the pattern is repeated from previous years, a car which now retails at 10,000, having completed another 6,000 miles, could be expected to fall to around 9,100 by the end of the year. However, this may even fall to as low as 8,750 as the effects of economic uncertainty continue to bite. It will definitely pay off to wait until the end of the year for the best used car deals.
At present there is a definite reluctance on the part of consumers to buy used cars, and with the shadow of redundancy, reduced disposable income and a rise in prices, this is likely to have an effect on used car prices.
At the moment, there are also less new cars being registered, which will lead to a shrinking pool of used cars. This pool of used cars has already been reduced by last year’s government scrappage scheme, which saw thousands of used cars removed from the market. Subsequently, there should be some good deals around on used car prices.
Find out more about used car dealers and used car deals in the South East of England.
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