The second-hand car market has started to slow down after a strong first quarter, reflecting the weaker economic climate, according to a leading monthly market analyisis.
Manheim's new report said the conditions in the used-car market reflect a wider economic slowdown, with people changing their spending habits because of higher diesel prices.
Wholesale used car prices dropped by four per cent in May and the total number of sales was down by 12 per cent on April's figures.
Commenting on May's report, Mike Pilkington, managing director of Manheim Auctions & Remarketing, said: "Our message to both buyers and sellers is that, despite some of the negative headlines, there is still a good market for sensible trading."
"However, now is the time to keep very close to what’s going on," he added.
A study by Sainsbury's this month said that the amount spent on used cars up to the end of August is expected to be £22.76 billion.
Thisfigure is down more than £2 billion on the previous six month period from September to February 2008.
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