According to used car experts BCA, the average used car price in the UK is now £6,040. This represents welcome relief for used car buyers after seeing used car prices soar to a two year-high of £6,451 in December 2012.
However, experts have warned now is the best time to buy a used car because prices are expected to rise once again in the next 12 months.
Attributing the used car prices drop to poor winter weather, BCA’s communications director Tony Gannon says tough economic conditions mean more people will be searching for affordable used car deals in the coming months.
He said: “The rise in average prices at the ‘value-for-money’ end of the market continues unabated and this must be a reflection of the current economic conditions. As household budgets remain squeezed, the increased demand from motorists for affordable transport is driving values upwards.”
The rise in used car values over the past 12 months, with the exception of January 2012, has seen an increase in smaller, more frugal cars such as the Ford Focus and Vauxhall Astra hatchbacks and estates.
Superminis such as a used Ford Fiesta and a used Vauxhall Corsa have also proved a hit with used car buyers in the UK as the search for value-for-money continues.
This is backed up by the prices of nearly-new cars in the UK fell by £1,805 to £18,158. BCA says the fall in ‘nearly-new’ car prices has come about because more smaller, cheaper cars are being sold than before, leading to lower prices in the nearly new market.