Latest Glass’s car market index points to weakening used values

The trade value of typical three-year-old (Y-plate) used vehicle is now put at £7,423 According to the latest quarterly Glass’s Car Market Index report, the trade value of the average three-year-old vehicle (Y-plate with 36,000 miles) is now £7,423.

Assessing the UK’s new and used car market over the last quarter (April-June 2004), the Index reports that the value of this typical used vehicle has fallen by 5.2%, or £440, since the end of March.

Glass’s says this is a slightly higher rate of depreciation compared to the first quarter of the year, although values themselves are still higher than in the second quarter of 2003. Compact MPVs have suffered the greatest falls in their value over recent months, confirms the Index.

Looking forward, Glass’s says current rates of depreciation may accelerate slightly due to higher interest rates, fuel prices and a degree of growing uncertainty about the housing market. Glass’s predicts a 2.5% fall in the value of the average three-year-old Y-plated car during July, and suggests a possible increase in the rate of depreciation over the coming calendar-year quarter.

600450 Latest Glass’s car market index points to weakening used values
Date: 7 July 2004

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