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Used car loans aid auction bidders

Used car prices remain competitive, according to experts in the field, and car buyers are accordingly seeking appropriate used car finance.

Used car prices remain competitive, according to experts in the field, and car buyers are accordingly seeking appropriate used car finance.

Responding to a report on the prices of cars at auction, Mark Hankey from British Car Auctions suggested that good used cars are still in high demand.

"The best cars continue to be sought after and are continuing to attract good prices relative to their condition, specification and mileage," he said.

Mr Hankey admitted, on the other hand, that vendors will need to be realistic if they want to make successful sales on less-than-perfect vehicles.

Indeed, the key report from Retail Motor Industry Federation (RMIF) suggests that the used car market has been much more competitive since Easter.

The report warns vendors that they need to avoid inappropriately high reserves if they are to sell their cars in the coming months. This bodes well for those attempting to raise finance to purchase a used car.

Alistair Manson, director of the RMI Society of Motor Auctions, added: "With increased volumes from March registrations and a general weakening in market conditions, it is vital for fleet owners to appreciate that conditions have changed, demand has slackened, values are falling and unsold inventory is building."

Figures from EurotaxGlass's suggest that a three-year-old car this year has typically lost £9,225 from its original value.

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