Used car prices fell for the first time in 2011, dropping by eight percent in March to an average of £2,983. The drop comes after several months of rising used car prices.
Neil Prescott, of Auction4Cars, said: "This is a clear indication that used car prices are finally starting to level off after the upwards trend of the last few months."
Prices for used cars have been strong for the past 12 months since the end of the Scrappage Scheme in the UK. However, as demand for new cars is slowly increasing, sales of
used cars have slowed to bring on the price drop.
CAP, which values used cars for the motor trade, has also reported a large influx of ex-rental cars coming on to the market that has driven down the value of used cars as supply outstrips demand.
Alisdair Suttie - 7 Apr 2011