New Car Prices Down While Used Car Prices Up
The current state of the economy is affecting the motor vehicle market in an interesting way; new car prices are going down, and used car prices are predicted to go up.
As the demand for used cars is increasing, motorists who still want a good deal on a used car should move quickly to get the best price.
A summary of a recent study by Sainsbury’s Finance based on current trends had 3 key points:
1. Buyers are expected to spend 12% more on used cars over the winter than they did in the summer.
2. More than 5.1 million people plan on buying a used car in the next four months.
3. Consumers purchasing used vehicles over the next four months are expected to pay an average of £5,005 per vehicle.
The Society of Motor Manufacturers and Traders (SMMT) reports that new car sales in the UK fell 21.2% in September. Since September sales account for about 17% of annual sales totals, these declines are a cause of concern for the automotive market that consumers should keep their eye on.