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Used car prices fall

UK used car prices have started to fall back after 11 months of continuous price rises as demand in the UK looks to have peaked. While the reduction in used car prices varies enormously from car to car we have seen drops of around 7% for some car makes with demand set to fall further. Indeed, many experts in the car industry believe that prices will continue to slip back until early 2010 and we could see up to another 4% reduction on average.

The UK car sector has been buoyed over the last 12 months by the UK government's car scrappage scheme which has effectively saved the industry at a time when costs were rising, demand was falling and many businesses were struggling to survive. The car scrappage scheme has been extended beyond 2009 in what many believe is effectively a "bribe" to the UK electorate ahead of the general election in 2010.

While many car manufacturers and car retailers are "making hay while the sun shines" there are concerns about how the market will be affected as and when the car scrappage scheme ends. It seems unlikely that the UK government will offer a further extension beyond the latest move but never say never in the current environment!

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