Industry News from Yes Insurance

People who are tempted to buy a cheap little run-around so that they only need invest in third party insurance may find now is a good time to start searching, if new figures are anything to go by.

According to Manheim, the average price of a wholesale used car fell on average by £97 last month.

This followed a typical drop of £278 in October.

As a result, Manheim explained people who bought a second-hand car in November paid on average £1,046 less than motorists who bought a used vehicle in the same month in 2007.

Considering the situation from the perspective of retailers, the group said the price drops could have been even bigger.

Mike Pilkington, managing director at Manheim, 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 claimed more motorists in the UK were starting to buy cars at auction.

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