UK sees rise in second hand car prices
The prices of used cars in the UK - a popular market among the Maltese - is going up sharply, according to recent research. The usual 15%-a-year depreciation in used car prices has been reversed.
CAP Motor Research said the price of an average family car has risen by £600 so far this year.
For Maltese buyers, the situation has deteriorated further because Sterling has been strengthening against the euro.
The increase in second hand car prices has been blamed on the UK government's car scrappage scheme and the recession, which is delaying the purchase of company car fleets.
This is the first time that second hand car prices have actually risen instead of fallen.
Month-by-month, prices have been rising by some 3.5%.
However observers expect prices to fall again next year as the maintenance costs of rental and fleet cars increase and they are put on the market.
In Malta, monthly registrations of used cars originating from the European Union (mostly from the UK) have almost quadrupled since January when the new registration tax regime came into force.
Those imports, and imports of used cars from other countries such as Japan, have caused new cars purchased locally to lose up to half their value in just two years.
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Paul Gauchi
Sep 14th 2009, 19:53
Yes i agree R Huber, all cars brought in from the UK and mainland europe will see a big difference in the bodyworks when rust sets in due to the amount of salt and grit is used in Britain unless the car is sealed and well preserved, i don't know the type of warranties they have, but i can say that all cars that are bought in Malta seem to be safe from such corossion, it might be the dry weather we have in Malta., and ofcourse the spare parts for BMW. Audis etc., are something else, spares parts for these makes would cost an arm and a leg., i still maintain that Japanese cars are a better vehicle and value for money.To my mind a better deal then a British imported motor car but then its not everyone's cup of tea,its just my choice.
R Huber
Sep 14th 2009, 19:03
Those who have bought cars imported from UK have to cry in a few years. Last year England couldn't keep up with the supply of salt to literally spread on their roads to melt the snow away. This means the most of the cars were sort of driven on seawater. It is no use that you clean the underside of these car as by now the damage is done. The only happy people are the manufacturers who got rid of the warranty against rust if the cars were kept in UK. Not to worry, the price of good quality second hand cars will go up again in the coming years and people who needs a good car will go for a new one as we did lately. Dear readers please not that I do not sell brand new or second hand cars. I simply do not get carried away with what glitters.
J Abela
Sep 14th 2009, 18:09
We'll see how today's proud owners will cope when in a few months time their cars start breaking down (as you would expect them to do on these roads and with the mileage they came along with) and they get the shock of their lives when they hear how much Audi and BMW parts cost.... kemm ha naraw BMWs jinsaqu bit-tieqa miftuha ghax l-a/c miet u l-warranty spiccat! A 2nd hand premium car? Yes, why not...... but with a decent 3 or 4 year warranty! Kellna hafna li raqdu bil-guh u holmu bil-ftajjar, u la jqumu ha jkollhom indigestjoni fenomenali.
M Psaila
Sep 14th 2009, 14:11
http://www.telegraph.co.uk/motoring/news/6184161/Used-car-buyers-unwittingly-bought-ex-rental-vehicles.html
enough said
M.Bezzina
Sep 14th 2009, 14:09
Joseph Attard
In the meantime, did local prices go down?
If prices goes down everywhere here in Malta we have always been special!!
joe portelli
Sep 14th 2009, 12:49
it would be great to by these cars, if only there were good roads or somewhere to go to!
Mark Gauci
Sep 14th 2009, 12:20
Not a problem 4 us .... its still worthed importing it from the UK than to buy it from Maltese agents and/or dealer!
Mario Bezzina
Sep 14th 2009, 11:54
Joseph Attard> Dream on friend not in Malta> most likely gone up even further then anywhere else in Europe plus fuel charges and of course the expected rise in road tax and insurances, i think i get me a donkey and a second or used cart like the olden days, no pollution there except manure and that can be recycled.
Joseph Attard
Sep 14th 2009, 10:45
In the meantime, did local prices go down?