- Used car prices drop by approximately 5% during June
- Save yourself money by buying during quiet summer period
- Check out Parkers Used Cars for Sale to find your next car
Used car prices dropped approximately 5% in June and further declines could be on the way.
As the current financial and economic situation remains uncertain people have been putting off buying expensive items like cars.
This means that dealers, who stocked up on cars over winter in the hope that 2011 would start off strong and steady, have been left with excess stock in a quiet market.
Consequently many have started cutting the prices of their cars in order to tempt people into buying. This has also driven down the value of privately owned used cars for sale.
The drop in values hasn't been limited to smaller cars, either. Cars like Land Rover's Discovery experienced a similar 5% drop, with 2008 examples losing £4,035 in value. Even desirable used cars like petrol versions of the current generation BMW 5-Series fell in value by 2%. That may sound insignificant but on a £32,000 car that would be a drop of £640.
With school summer holiday due to start soon, dealerships will be even quieter. This means that you can potentially drive an even harder bargain as dealers will be looking to move older stock in order to make way for other cars and, come September, new cars on '61' plates.
As people jet off on holiday and spend time with their family, even private owners will find it more difficult to sell their car - so scouring your local papers and classifieds could turn up some bargains.
Used car values haven't been the only ones to suffer. New car sales were also down 6.2% in June, although industry chiefs still expect the total number of the sales to reach 1.93 million cars as predicted earlier in the year.
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