Used Car Value Rises

he average value of a used car has risen again this month to almost £7,000.

A report by Manheim Marketing has shown that the price paid for used vehicles has grown by 4.4% to £6,394 when compared to February 2010. Despite this dealer part exchange values have fallen by 0.7% to around £2,474.

Mike Pilkington, MD at Manheim said:

“The positive start to 2011 has continued into February with high attendances both online and in the auction halls and is a reflection of the traditional levels of high demand at this time of year as well as the inherent stability in the market.”

Again despite the rise in value the sale of new cars is continuing to decline by almost 8% compared to February averages.

This was to be expected though say industry experts as many will be waiting for the release of the new registration plates in March before buying a new car. This figure is also up 14.5% when compared to February 2010.

SMMT chief executive Paul Everitt said:

“The UK motor industry is looking for a strong March market to help boost confidence and kick-start demand for the new 11-plate.”

He added:

“This month’s Budget will be critical in determining consumer and business confidence and the ongoing stability of the market. We’re looking for certainty on motoring taxes, a freeze on fuel duty and measures that support business investment and access to finance and credit.”

Many are hoping for a freeze on fuel duty especially with oil prices spiralling out of control to around $115 a barrel and petrol hitting a record breaking £6 per gallon.

Two petrol stations in Cornwall have introduced a discount card offering users 2p off every litre of fuel they buy.

The scheme which is valid in two petrol stations across the town has been a hit, Manager Nadarajah Inparaj said:

“The area is a little bit expensive, but customers are getting the benefit.

“We have been getting 10-20 people a day coming in with the cards. People really appreciate it.”

One of the reasons behind the decline in new car sales is that people want to keep vehicles on the road longer to save money. Car part finders can help save you money even further by finding the best price for the part you need.