14 March 2008
Vehicles in the UK are depreciating at a faster rate this year, according to Eurotaxglass's.
The analysts told the BBC that used car values will decrease by a further eight per cent during 2008, as a result of economic factors and environmental taxes. Coupled with higher car insurance premiums, drivers could find themselves struggling to pay.
Consumers should make sure they factor in the potential resale value when they consider buying a new car, they advised.
Fuel-efficient cars and small vehicles were revealed by Eurotaxglass's as being the best choices for holding value, while larger family cars and four-wheel drive vehicles were the least likely to keep their full worth.
The warning follows recent findings from uSwitch.com that revealed that UK motorists spent £11.6 billion last year on the ten best-selling cars, which lost an average of 43% of their value in the first year.
Around £510 per month were lost by these car owners due to appreciation, uSwitch.com said.