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04/02/2005
Car price rises slip below inflation average
According to the latest 'What Car?' Price Index, rises in new cars prices are failing to keep up with inflation.
The magazine's survey found that in the UK overall prices for new cars were up 0.1%, year-on-year, but with inflation running at 1.6%, this still represents "good value" said What Car?.
However, the prices of small cars are outstripping inflation showing an annual rise of 3.1% compared to the average earnings which have risen by 4.4% over the same period.
The three prestige classes and small cars are the only sectors to have risen in price over the past year. All other classes have become cheaper.
City car prices have fallen by 2.6% and superminis are changing hands for 2.4% less than a year ago as dealers chase a decreasing number of buyers. Sales in both classes have fallen during the same 12 months – superminis by 3.9% and city cars by 7.1% – according to the Society of Motor Manufacturers and Traders.
Last month, What Car? signalled that the prices of MPVs were starting to soften, a trend that has intensified. Prices have fallen by 2.7% in the past month and 2.4% over the year.
Last month, second-hand car prices slid to another all-time low for the third month in a row, but the latest data shows the decline in used car prices has slowed slightly.
Nearly new car prices fell by 1.8%, compared to a drop of 2.5% last month. The average used car, meanwhile, has become 2.6% cheaper this month after a fall of 3.1% in the previous month.
The only exception is the used compact executive class which have seen prices rise by 2.2% year on year, but that is a rise above an already weak price - over the past month prices have slipped back by 1.7%.
The nearly new MPV sector has fallen hardest, with prices dipping 15.5%, year-on-year. Nearly new supermini values are down 9.9%, used down 9.4%. Used 4x4s are down 12.2%, used family cars are down 9.4% and nearly new city cars are down 9.3%.
The What Car? Price Index is based on the consistently best-selling models within each of eight categories of car and each category is weighted by current sales volumes.
(SP)
The magazine's survey found that in the UK overall prices for new cars were up 0.1%, year-on-year, but with inflation running at 1.6%, this still represents "good value" said What Car?.
However, the prices of small cars are outstripping inflation showing an annual rise of 3.1% compared to the average earnings which have risen by 4.4% over the same period.
The three prestige classes and small cars are the only sectors to have risen in price over the past year. All other classes have become cheaper.
City car prices have fallen by 2.6% and superminis are changing hands for 2.4% less than a year ago as dealers chase a decreasing number of buyers. Sales in both classes have fallen during the same 12 months – superminis by 3.9% and city cars by 7.1% – according to the Society of Motor Manufacturers and Traders.
Last month, What Car? signalled that the prices of MPVs were starting to soften, a trend that has intensified. Prices have fallen by 2.7% in the past month and 2.4% over the year.
Last month, second-hand car prices slid to another all-time low for the third month in a row, but the latest data shows the decline in used car prices has slowed slightly.
Nearly new car prices fell by 1.8%, compared to a drop of 2.5% last month. The average used car, meanwhile, has become 2.6% cheaper this month after a fall of 3.1% in the previous month.
The only exception is the used compact executive class which have seen prices rise by 2.2% year on year, but that is a rise above an already weak price - over the past month prices have slipped back by 1.7%.
The nearly new MPV sector has fallen hardest, with prices dipping 15.5%, year-on-year. Nearly new supermini values are down 9.9%, used down 9.4%. Used 4x4s are down 12.2%, used family cars are down 9.4% and nearly new city cars are down 9.3%.
The What Car? Price Index is based on the consistently best-selling models within each of eight categories of car and each category is weighted by current sales volumes.
(SP)
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