Car insurance: Used vehicle buyers may be able to get a bargain

Thursday, 11 December 2008

People looking to buy a second-hand vehicle so that they will qualify for cheap car insurance may find now is a good time to start searching, if new figures are anything to go by.

According to Manheim, prices for used cars fell by an average of 1.6 per cent - or £97 - last month.

This means buyers could typically get their hands on a second-hand motor for £1,046 less than in November 2007.

Last month's drop follows a 4.4 per cent fall in prices in October - when the average cost of a used car fell by £278.

Despite the drop in November, Mike Pilkington, managing director at Manheim, said things could have been worse for second-hand dealers.

He commented: "Following the fall in average sales values in October and the gloomy economic outlook, the fall in average values of just 1.6 per cent in November was less than expected."

In other news, Manheim recently reported an increasing number of car insurance customers were buying vehicles at auction.

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