Second
hand car values in the UK have stopped their rapid slide according to the latest
EurotaxGlass’s residual price index.
Residual values have reduced by 1.9 percent in the UK over the past 12 months,
but all sectors of the used car market appreciated by 4.8 percent in the last
quarter which, the price monitoring firm says, suggests that the used car market
is recovering slightly.
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This 12-month fall of 1.9 percent in the UK compares to an average 0.6 percent
fall across Europe. According to EurotaxGlass’s, Belgium experienced the biggest
reduction of 4.9 percent while Switzerland and Spain saw residuals increase
by 4.0 percent and 3.5 percent respectively.
The index, which is compiled by eurocarprice.com and published quarterly, measures
year-on-year movements in the value of two-year old cars in 13 European countries.
Peugeot has seen the biggest gains in the UK over the past 12 months with three
cars in the top 10. The French firm’s 106, 306 and 806 appreciated by 12.7 percent,
5.6 percent and 5.4 percent respectively.
The biggest losers were Cadillac, Nissan and Toyota, who saw the Seville, Micra,
Celica and MR2 models reduce in value by 24.5 percent, 21.4 percent, 19.1 percent
and 19.0 percent.
In individual UK car sectors, luxury models – in particular the Mercedes S
Class – have seen the biggest increase in the past 12 months, rising by 12.1
percent, but this disguises the fact there was a great deal of new model activity
in this sector. The MPV (minivan) sector saw a rise of just 1.1 percent. The
sports coupe and executive sectors saw the biggest fall in value of 14.7 percent
and 6.5 percent respectively.
More encouraging for UK motorists is the recovery in used values seen in the
past three months with the small car sector alone up by 4.5 percent.
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