Secondhand car prices nose dive in the Balearics

In the rest of Spain, said its report, used car prices in June averaged out at 11'876 euros, a fall of 11.9 percent from what they had been in June 2008.

The watchdog research attributed the plummeting prices to a variety of factors. One of them, said “AutoScout 24” were the discount promotions which dealerships had launched in order to kick start sales which had all but come to a standstill as a result of the recession. Some dealers were offering 15 percent off the cost of a used car, particularly to the young and immigrant groups who are the traditional customers of the secondhand car market. The watchdog was predicting a slight upturn in sales over the coming months, particularly in the new vehicle market, largely as a result of the Central Government aid package, Plan 2000E which provides 1'000 euros towards the cost of a new car plus a 500 euro contribution from the manufacturer.