Used Car Values Hit Hard

18th January 2005

The average cost of a three-year-old car - the standard by which the market is judged - is ΂£6,910. That's ΂£200 less than this time last year. The average one-year-old vehicle is now worth ΂£10,100 - a fall of ΂£550. However, older models have been hit hardest. On average, a five-year-old car is worth ΂£4,210, which is ΂£425 less than it would have cost 12 months ago - an increase in depreciation of around 10 per cent.

A Glass's Guide spokesman said: "In 2003, there was a market boom, which meant more vehicles entered the used fleet. But in 2004, the demand slowed, and so prices have fallen. Also, used buyers expect more car for their money, pushing the average price down even further."