Second-hand car values fall by 2.4%

The value of second-hand cars fell during the quarter ended September as more of drivers are holding on to their vehicles for longer, figures have shown.

According to Auto Trader, used car values plunged 2.4% year-on-year to £8,870 during the three month period.

The fall was also the first time since the company started tracking the market in January 2010 that prices slid below £9,000.

An increase in used car prices during the quarter was witnessed only by Scotland and the east of England, where values rose by 2.8% and 3.82% respectively. The rest of the UK experienced declines.

The most sought-after vehicles between July and September were, the BMW 3 Series, the Volkswagen Golf and the Ford Focus.

Tim Peake, director of Auto Trader, said: "A lower overall supply of one to three-year-old vehicles entering the UK car market, combined with consumers holding on to their cars for longer, is increasing the average age of vehicles in the UK and this is being reflected in lower average overall prices."

Copyright © Press Association 2011