The CAP Index, for example, has recorded an average 5.9% decline in second-hand values compared to November 1998. The worst hit sectors are sports cars, down by 10.8%, MPVs down by 8.4%, executive cars down by 8.1% and 4x4s down by 7.7%. In the volume sectors, superminis are down 6.3% year-on-year, lower medium cars are down 5%, and upper medium models down by 3.5%, and CAP does not expect any improvements in the used car market before the middle of next year.
Latest figures from the Alliance & Leicester Car Price Index show that nearly-new prices have fallen 9.1% and used values by 5.1%. Mark Norman, editor of CAP Monitor - Future Residual Values, said that uncertainty over the effect of the new millennium on car prices and the twice-yearly plate change, had been increased by worries over a sudden slump in new car prices.
'The Competition Commission and the Consumers' Association have cost everyone in the industry a lot of money pedalling rubbish,' he said.