Nearly new cars continue to be under severe pressure as carmakers pursue aggressive deals to sell new vehicles.
Consumers who are in the market to purchase a car are now looking at new instead of a nearly new car and so prices have fallen and are likely to remain under pressure in the short term, according to the Vehicle Remarketing Association. The VRA said the used market entered the summer in a stable condition with book values for July down 1%.
Small cars were in demand as used car buyers seek out cheaper to run cars, usually petrol.
Buyers are increasingly looking to purchase ready to retail cars and avoiding cars in the wrong colour and specification.
The VRA commented on DVLA proposals to help those customers registering a car from 1 March 2013 to 31 August 2013 to avoid having a ‘13’ plate car.
These superstitious buyers can keep the 62-plate-prefix for those vehicles registered between 1 September 2012 to 28 February 2013.
“This is great for those who regard the number 13 as unlucky but it could cause a challenge for the used car market.
“Those picking up on the anomaly will value the car correctly, but those who don’t may offer drivers considerably less for the car than it is worth just based on the registration plate. Something for the used market to consider in spring next year,” it added.
Source: Motor Trader Magazine Mon 23rd July 2013