STAFF REPORTER

PALMA
THE average price of a second hand car in the Balearics last month stood at 14'432 euros, almost 27 percent down on the same month last year.
Separately, according to a report released yesterday by European vehicle watchdog AutoScout24, the cost of second hand cars in Spain registered a drop of 5.5 percent in October to level out at an average of 13'200 euros.

This downturn in price in October, the largest registered so far this year, is a reflection of the plummeting demand for second hand vehicles. The watchdog said the decline was mainly due to the credit restrictions imposed by banks and building societies on likely buyers of this type of car such as the immigrant population. Market research group Ganvam also reported that from the beginning of the year to October, used car sales fell by 11 percent.

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