Reduction in used car values

According to Motor Trade industry figures - the value of used cars in comparison to the same month last year has fallen by 3%. This is the first time a fall in values has occurred this year.

Their are variations in these values, with small cars seeing the most dramatic drop in values. However despite heavier taxation and increased fuel costs, four wheel drive vehicles have seen an increase of over 10%.

The overall drop in values is an opportunity for a bargain when purchasing vehicles for both consumers and traders. Similarly with iQuote Insurance you could benefit from a bargain on your Traders Insurance when you get a quote online.

OFT investigate the Motor Trade and used car sales

Due to the number of complaints from the public, related to used car market and the Motor Trade sector, the Office of Fair Trading is conducting a study set to complete by the end of 2009.

Within 2008 there were 68,000 complaints related to second hand car sales. The purpose of the OFT study will be to understand the reasons behind the high level of complaints and to assess whether the current legislation offers sufficient consumer protection.

Despite the beginning of the economic downturn in 2008, the used car market in the UK was worth £35 billion. It is in the interests of used car dealers and consumers that confidence is maintained in the market. The main areas of concern in complaints were defective vehicles, servicing and misleading selling.

For used car dealers, Motor Trade Insurance is an important consideration. If you are looking for the right cover for your vehicles, premises and indemnity cover - iQuote Insurance will save you money on Car Dealer Insurance.

Used car values are on the up

Good news for the hard pressed Motor Trader, used car prices are on the rise. Used car dealers are reporting strong used car prices, due to an increase in demand. This demand is a direct result of the weak demand for new cars. Dealers are reporting an increase of £500 for 3 year old vehicles so far this year.

To make sure you've got the right cover for your stock of vehicles, get an online Motor Trade Quote with iQuote Insurance and receive a low cost quote and an excellent value traders policy.

The CAP black book indicates that there is strong movement in used vehicle prices. Industry insiders said that for used vehicles the footfall in to dealer showrooms and sales were at their strongest for 2 years. However in a cautionary note - the economic downturn will continue in 2009 and dealers should make the best of strong sales whilst the opportunity lasts.

Areas of the market that performed very strongly, were 4x4's and the small executive car sector. Both these areas saw an increase of over 5%; very much against the current economic trend.