Restrictions on the number of late low-mileage ex-rental cars should ensure there will not be a repeat of the wholesale implosion in used car values which caused so much chaos last autumn. In his commentary for the November guide, Glass's chief car editor Arnie Fenn said several hundred pounds had been wiped off the used values of 'bread and butter' models and demand for volume cars remained weak, adding that small car prices had weakened by between £150 and £400, lower and upper medium cars by £250 to £600 and executive cars by as much as £1,500.
CAP's chief economist Mark Cowling said October had been a worse month than predicted, but he expected November to be better. 'Although prices have fallen sharply since the peaks in September, they are still around 10% higher than this time last year on three-year-old stock and are also holding up well on six-month-old ex-rental cars,' said Cowling. 'Overall, this year has been a lot better than last year.'