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Used car prices fall as buyers downsize

The average asking price for a used car in the UK was £9,206 in the second quarter of the year, down 1.3% on the same period in 2010 – but a 6% drop after taking inflation into account, according to Auto Trader. It said the fall can be attributed to the recession putting a squeeze on household finances and high fuel prices.The company, which claims to be the largest digital marketplace for vehicles with 80% of all available used cars for sale in the UK (and is part-owned by Guardian Media Group), said the average asking price for second-hand cars was at its highest in March 2011, at £9,400, but had dropped 3.7% by July to £9,054. Average prices in London fell the most in the UK year-on-year, plunging 5.9% from £10,247 to £9,644.The index indicates there is an...