UK used-car prices decline in Q2

New figures released by Auto Trader have shown a 1.3% year-on-year drop during the second quarter in the average UK asking price for a used car to £9,206 .

The figure is down 6.0% when inflation is taken into account.

Auto Trader's quarterly price index, which monitors advertised prices for second-hand cars on the company's website, showed that the recession and soaring fuel costs are having an impact on the used-car market, prompting buyers to look for more fuel efficient vehicles.

The average asking price for a used car reached its highest level for 2011 in March, at £9,400, but had fallen 3.7% by July to £9,054.

Tim Peake, director of Auto Trader, said: "These first results reveal a clear correlation between the current economic situation and car choice, with smaller, more fuel-efficient cars becoming increasingly popular as people respond to fuel price increases."

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