Used Car Prices See A Boost

Saturday, 29. August 2009

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 21.8% over July 2008, amounting to £1,079 per car. With more companies extending their leases and fewer new cars being sold there is a drastic shortage of nearly new cars so they are the cars that have performed best in auction and in turn moving buyers away from nearly new cars to new cars on competitive contract hire terms. By Graham Hill