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Just as we were hoping to see more lease deals come through and rates start to drop CAP, the used car valuation company, has announced a weakening of the used car market and prices through auction starting to fall slightly. Mike Hind of CAP said that he wasn’t too concerned as ‘This is not the same dynamic as the panic of 2008.’ Although he went on to point out that the market is at its weakest for 12 months with no Read more »

As we can see from my BMW 7 Series deal of the week, things are starting to improve at the big end of the market. In a prestige, sporting and executive auction held at British Car Auctions in Nottingham 300 dealers attended with 216 bidding online resulting in top models achieving 114% of CAP clean price (that’s trade value to you and me). The rest made 100-104% which is excellent considering the fact that last year the Read more »

As we can see from my BMW 7 Series deal of the week, things are starting to improve at the big end of the market. In a prestige, sporting and executive auction held at British Car Auctions in Nottingham 300 dealers attended with 216 bidding online resulting in top models achieving 114% of CAP clean price (that’s trade value to you and me). The rest made 100-104% which is excellent considering the fact that last year the Read more »

Thinking of selling your car and taking out a lease on a new car? Well, according to Manheim, the car auction house, now is a good time for you to sell you car as used car prices have been shooting up recently. An 8 month old ex rental car with less than 8,000 miles on is now fetching £2,200 more than it was a year ago. Manheim auctions increased their average sale price by 4% in July over June whilst British Car Auctions saw a 3% increase. Year on year prices are up by Read more »

More and more people that either bought or leased cars over the last two years are either holding onto their cars or extending their leases. Leasing companies have been encouraging extensions putting back the need to sell the end of lease car till as late as possible in the belief that used car prices will recover. But as I reported recently this drop in demand for new cars hasn’t led to a mass of unsold cars finding their way Read more »

Used cars through auction in November saw a little upward glitch although the general trend, according to British Car Auctions, is a downward one with prices set to continue to struggle through 2009. Whilst the average price rose to £4,823 in November, the highest since July, the year on year value is down by £689. The interesting thing is that we all hear about the state of the used car market and we often hear of friends or friends of friends who manage to get a real bargain but where are these giveaways when we want one? Read more »

Maybe we need the RAC to spell out the obvious when a third of the country doesn’t know what APR is and according to www.honestjohn.co.uk and British Car Auctions (BCA) a third of the public don’t know how to tell the age of a car by its number plate. Well strangely I can’t tell the age of a car by its number plate either. And I don’t consider myself to be as daft as a brick! For example, Read more »

I recently warned anyone who has a car they own to get out of it as soon as possible and get into a lease car that carries no residual risk and reduces cash flow. The drop in used car values achieved at auction has again been highlighted by British Car Auctions who reported an average monthly drop in May of 3 year old cars of 2.6%. This continued into June with the average drop reaching 4.2%, the largest single month’s movement for several years. Again, get out of car ownership and into a form of finance which takes away all of the residual risk. By Graham Hill