Used car prices have remained steady since the start of September, despite 4x4s being the only segment to report improvement.
According to the latest CAP figures, used cars values fell by an average of 3.75% on the previous three months.
The poor performance of the new car market during the credit crunch in 2008 has helped keep used car prices stable with a low level of stock available.
With 4x4s’ increase of +3.2%, superminis were the next stable with a tiny decrease of just 1.9% between September and November. Small executive and the upper medium segment trailed with dips of 2.0 and 2.3 respectively.
A seasonal shift to colder climates was certainly reflected in the used convertible prices, which shrank by nearly a tenth (-9.6%).
Mike Hind of CAP said the figures served a reminder that depreciation remains the top concern for most car buyers: “Although there remains precious little economic good news and consumers remain nervous about making big ticket spending commitments, the positive message is that more stable used car values means slower depreciation for owners.
“Thanks to low volumes of cars available, even the usual suspects for heavy depreciation, such as large family cars and popular executive models, have been seeing relatively strong value retention as we head toward the end of the year.
“Indeed, many used car values moving into November have been unusually strong at a time when historically prices have tended to be much weaker.”
How used car prices have held up since the start of September ‘11:
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