Used car prices have dropped by an average of 1.5 per cant across the UK since January this year, new figures have revealed.
The average price of a used car is now £9,376, as consumers look to tighten their belts and hold back from changing their vehicles while the economy remains weak.
However, as is the case withcar insurance , it certainly pays for consumers to shop around, with the data showing major disparities in used car prices across different parts of the UK.
Although six out of 11 regions have experienced declines in prices, other areas have seen price increases of up to 12 per cent.
Motorists in the North East pay the highest price at an average of £10,427, which is some £1,051 above the UK average, while the cheapest region is the South West with an average used car price of £7,506 after an 8.5 per cent fall there since January.
UsedCarExpert.co.uk's editor Matthew Tumbridge emphasised the great benefit to consumers from shopping around, saying that motorists can save up to £3,000 if they are willing to buy their car in a different part of the country.
Copyright Press Association 2012