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North-South divide in used car prices
The South West of England is the cheapest region in the UK to buy a used car, while the North East of the country is the most expensive area to purchase a second hand vehicle, according to data from UsedCarExpert.com.
The average price of a used car in the South West of the country stands at £7,355, £3,080 less than in the opposite corner of England – the North East.
The study also highlighted that the average price of a second hand vehicle in the UK is still hovering around the same mark as in May last year; at £8,720 it’s up less than 1% up on the 2011 absolute market low and still 5.9% down on values at the start of the year.
Editor of UsedCarExpert.co.uk, Matthew Tumbridge:
“Consumers buy cars when feeling confident about their futures. We are seeing a sort of rich-poor divide open up in the UK with depressed regions like the North West and West Midlands struggling to get any local confidence back.
“Prices continue to fall despite being well below the national average, while prosperous regions like London and the North East are putting prices up despite being ahead of the UK average already.”
The study appears to show used car values have hit rock bottom in the UK, with suggestions that uncertain economic conditions nationwide are stopping prices recovering.
Despite difficult times in the financial services industry centred around the capital, used car values have remained strong in London at £763 ahead of the national average.
“Buyers looking for a used car in London would be mad not to venture out of the capital to get their next car given the contrast in prices, especially with the underperforming nature of the South East used car market,” added Tumbridge.
Average 2012 July prices for second hand cars in regions of the UK:
East Anglia – £8,945
East Midlands – £8,165
Greater London – £9,483
North East – £10,435
North West – £8,411
Scotland – £9,138
South East – £8,642
South West – £7,355
Wales – £8,966
West Midlands – £7,673
UK average – £8,720
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