Economic downturn 'forcing up prices for used cars'
Motorists heading down to their local Volkswagen or Vauxhall dealership may notice the recession has had an effect on used car prices.BCA reported there has been an increase in values recently and it highlighted a report from a higher education professor that suggested this trend may continue for some time.
Peter Cooke from Buckingham University's Centre for Automotive Management said the fact fewer people are investing in autos straight off the production line means there has been a knock-on effect on the second-hand sector.
He explained the flat new car market means there are not as many first-time used vehicles about - and those there are can command higher prices.
"This phenomenon is likely to continue for some years - probably two to three years after the new car market has returned to two million units or more each year," Prof Cooke predicted.
As a result, motorists may want to consider buying an auto no-one else has driven under the scrappage scheme rather than purchasing a second-hand vehicle.
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