Fleet News

Gloomy warning over used car values

The impact of the credit crunch means used car values will plummet faster than previously in the run up to Christmas.

EurotaxGlass’s believes values will fall by at least 12% between now and the end of the year, as retail demand continues to ease and the supply of second-hand vehicles exceeds dmand. 

For a three-year-old car worth £5,000, this will mean a drop in value of almost three times more than the £225 decline seen during the same period in 2007.

Dealers have reported that retail demand has been lacklustre for most of the summer. Trade prices fell by 5% in July alone, the highest drop of 2008 so far.

Adrian Rushmore, EurotaxGlass’s managing editor, said: “The widely held view is that the market will remain difficult for the next few months at least.

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