Used car values rise in October

New figures showed that the values of used cars continued to rise during October, bucking the seasonal trend.

The months of October and December traditionally record falls, but year-on-year values rose 8.8% last month, according to data from HPI.

Increases were recorded in all sectors within the one-year-old and three-year-old categories during the month.

On average, values rose between 3% and 3.2% compared to September, and diesel cars out-performed petrol ones slightly.

One-year-old and three-year-old car values rose 8.7% and 8.9% year on year respectively.

Martin Keighley, of HPI, said: "Average values have risen steadily since the beginning of the year and are set to buck the seasonal trend by not falling over the coming months. Values for most models are unlikely to fall for the foreseeable future, which is good news for dealers.

"The November market place is likely to show few changes from October. Used retail activity has slowed a little and values are showing little movement as a result. Fleets are still hanging on with extended contracts and waiting to see if confidence improves further. It looks like this wait could continue at least into May 2010."

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