Fleet News

MGF record as residual value exceeds list price

FOR the first time in 63 years of publication, Glass's Guide has quoted a trade value for a used car higher than the current list price. Following the first auction sale of MGF sports cars - which sold for up to 115% of retail price - Glass's has valued the MGF 1.8i at £19,500 retail for a 95N, 11,000 miles example.

The car's list price new is £18,276 for an example with power steering, ABS brakes and metallic paint - including delivery. Alan Cole, the Glass's Guide editor who attended the sale organised by ADT Auctions at the Heritage Motor Centre, Gaydon, said: 'Rover has created a classic with the current model. Demand is so high that customers ordering a new car now will have to wait 21 weeks for delivery of a 1.8i and 25 weeks for a VVC model.'

Fifty cars were auctioned at an event attended by 99 of the 112 MG dealers. The average trade price achieved was £18,600 with a top of the range VVC model realising £22,900 (list price new: £19,890). Glass's reports strong demand for many open sports cars including the new Fiat Barchetta (available only in left hand drive), the Alfa Romeo Spider models and the long-running Mazda MX 5. BMW and Mercedes-Benz will enter the market this year with, respectively the Z3 and the SSK.

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