LONDON, July 6, 2011 /PRNewswire/ --
- Study of used car values around the UK reveals mixed economic outlook and varied consumer confidence
- Used car prices are a better short term indicator or economic outlook than house prices
The latest used car prices study by UsedCarExpert.co.uk has revealed a mixed economic outlook for the UK. With cars being the second most expensive item most households buy, but more easily changed than houses, the average prices of used cars around the UK is a useful economic indicator.
The North West has the cheapest used cars in the UK. Average prices are just £8,682 compared to Greater London, the UK's most expensive region, on £11,365.
But the most worrying numbers are in the South East, who have the second cheapest regional used car prices.
According to UsedCarExpert.co.uk Editor Matt Tumbridge, this comes a shock to many, "This shock discounting of used cars in the South East probably indicates struggling dealers, as car buyers fears of job losses and economic uncertainty leads to them reining in their spending."
Dealers in the North West Can't Give Cars Away
NORTH WEST average car value: £8,682 (Sample size: 42,108)
Job Losses Weaken Car Buying Confidence in South East
SOUTH EAST average car value: £9,043 (Sample size: 51,263)
London's Used Car Rip-Offs
GREATER LONDON average car value: £11,365 (Sample size: 29,806)
Scotland Matches UK Car Prices
SCOTLAND average car value: £9,280 (Sample size: 30,816)
Northern Ireland No Different to Mainland
NORTHERN IRELAND average car value: £9,366 (Sample size: 2,205)
North East Dealers Play Fair
NORTH EAST average car value: £10,049 (Sample size: 25,512)
East Midlands & Scotland Seeing Average Economic Outlook
EAST MIDLANDS average car value: £9,263 (Sample size: 47,636)
West Midlands Mixed Outlook
WEST MIDLANDS average car value: £10,525 (Sample size: 43,550)
Wales Consumer Confidence Weak
WALES average car value: £9,151 (Sample size: 10,176)
South West Sits On Economic Fence
SOUTH WEST average car value: £9,284 (Sample size: 39,494)
On the economic outlook, Tumbridge concluded, "The picture is very mixed and likely to fluctuate. It is surprising and worrying to see the South East's prices so low, as that is the engine room of the economy in some ways. However, regions like East Anglia are holding up well, so it's not all bad news."
For the full 1,300 word report and more detailed insight into each region, every month, visit: UsedCarExpert.co.uk/car-values/
- UsedCarExpert.co.uk reaches 4 million car buyers per year
- UsedCarExpert.co.uk will publish more used car value studies each month and quarter to monitor consumer confidence in the economy.
- It is home to the UK's most accurate consumer car prices, fault check guides, used car reviews and over 100,000 cars for sale
- For media comment, contact firstname.lastname@example.org or call +44(0)870-444-2920, Matt Tunbridge