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Demand for used high value cars falls as EU Referendum nears

The vehicle data provider says anecdotal evidence from dealers indicates cars priced over £15k are struggling to sell – with a potential BREXIT apparently being the cause.

Rupert Pontin said: “Our reading of the situation is that these buyers are more affluent individuals who are concerned about the potential financial uncertainty that could follow a BREXIT vote and don't want to commit to higher value purchases until they know whether we leave or stay.”

He said that the market was likely to recover quite quickly with a remain vote but that the effects of a BREXIT would most likely be widespread uncertainty.

Pontin added that the current used car market sweet spot appeared to be well below £15,000, with vehicles around the £7,000-£8,000 part of the market selling rapidly.

“Cars in this area of the market are flying out of auctions at the moment, especially if they are in a good colour and have a strong specification.”

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Natalie Middleton

Natalie has worked as a fleet journalist for nearly 20 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day.