A car-pricing expert has revealed that the values for used cars remained stable across most sectors during the September-November period, compared with the previous three months.
Figures released by the CAP Used Car Price Index indicate that 4x4s saw a rise in second-hand prices, while a slump was observed in convertible values.
According the used-car expert, a reason for the sluggish growth was the decrease in the availability of used cars since the 2008 economic dip that hit the overall production of new cars.
During the crash and subsequent recession, people were reluctant to buy used cars due to financial constrains.
Mike Hind of CAP said: "Although there remains precious little economic good news and consumers remain nervous about making big ticket spending commitments, the positive message is that more stable used-car values means slower depreciation for owners."
With essentials such as fuel andcar insurance premiums currently set high, the constant values of second-hand cars will be a relief to many motorists.
Copyright © Press Association 2011