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Used car prices fall

Used cars are being traded at lower prices than they were a year ago. The average asking price during the second quarter in the UK was £9,206, a drop of 1.3 percent from the same period of 2010 – but a 6 percent decrease if taking inflation into account.

Tim Peake, director of Auto Trader, said: 'Market conditions are clearly making it tougher for dealers to reach closure on deals. The luxury end of the market has also been feeling some pressure. The average asking price for high performance coupes has suffered, though the resilience in asking prices for 4x4s and saloons suggests some buyers are switching away from brand new to nearly new.

'But it is not all bad news. This is currently a buyers' market. Good quality cars by some of the best manufacturers are now available at prices lower, and in some cases considerably lower, than a year or 18 months ago.'

Auto Trader, which claims to be the largest digital marketplace for second hand vehicles in the UK, said that asking prices for second-hand vehicles reached a peak in March 2011 at £9,400, but had by July that figure had dropped by 3.7% to £9,054. And in London the price plunge was exacerbated, falling 5.9% from £10,247 to £9,644.

Of the ten most searched for cars on the Auto Trader website only the Ford Fiesta recorded an increase in the average asking price across the year. The company also says that it takes on average a week longer to buy a used car than it did in the second quarter of 2010.

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