I haven’t dug up the post, but I’m sure in the past I said that what we’ve got to do against “Chelsea tractors” is ensure that the bottom falls out of the second-hand market and then people will stop buying them.
And it is happening – prices and plummeting and sales are following:
Glass’s Guide, the leading guide to second-hand car prices, said that 4x4s were depreciating much faster this year than in previous years. A one-year-old BMW X5 is now worth only £38,800, compared with a purchase price of £63,397. A year ago a one-year-old X5, which cost £62,542 new, was worth £40,450.
Ian Archer, owner of Harringtons of Fulham, West London, said the high cost of fuel was also a factor.“It is always a difficult thing to tell an owner that their car is losing £1,000 a month.
And that Sian Berry, our Green Party candidate in tomorrow’s Kentish Town by-election, is quoted in The Times front page story is only icing on the cake…
POSTSCRIPT: Sian also appeared on Channel Four News and on Radio Two on the same subject today.
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