Dec 22 2008 Ian Johnson
Top car values take a tumble
THAT footballer's favourite, the Bentley GT Coupe is depreciating at £500 more per week than it did 12 months ago.
This indicator of the downward spiral in top car values is revealed in the latest figures supplied by HPI, a leading independent vehicle information provider.
This means Bentley GT owners will lose over £67,000 in value, which is 56% of its £120,000 new price tag, in the first year, according to HPI's valuations experts. Depreciation on a new Bentley was just £41,000 this time last year, making it a 22% increase.
The used car market is always a good mirror of the nation's economic condition and at the moment prices for some cars are in free-fall.
When the good times were rolling luxury models were selling like hot cakes. However, now that the economic downturn is beginning to be painful prestige marques are feeling the pinch.
Bentleys, Aston Martins and Lamborghinis have been bought on the back of the flourishing economy, by those with huge city bonuses or Premiership wages.
However, HPI is now seeing large numbers of these one to three year old vehicles struggling to find buyers in a difficult market. With consumers lacking confidence or simply unable to get the finance deals that were once open to them, these boom models are around in much higher numbers, thus values are taking a huge hit.
Not that many footballers will now be driving around in Toyota Aygos, the scene is definitely shifting to one in which purchasers of prestige brands will be looking around for cars will be able to deliver residual value performance in addition to pulling power.