Older vehicles auctioned during recession
26th August 2010
Car insurance companies may have noticed a trend in people looking for quotes for older vehicles with more miles on the clock during the recession.
British Car Auctions (BCA) said the average age and mileage of vehicles reaching auction had increased during the recession, although this may lead to more motorists looking for breakdown cover.
Half-year values in 2010 were behind those registered in the second half of last year, although they were 3.5% higher than the corresponding period in 2009.
A fall in the number of new cars sold in the last two years has been cited as the reason for the average age of vehicles rising, while may new vehicles were sold to private buyers aided by the scrappage scheme.
BCA said: "This may become a fact of life for the used market over the next two or three years, as the available car parc becomes 'older', due to the lower numbers of new cars being sold."
Copyright © Press Association 2010
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