Rover values plummet

Longbridge demise hastens car price spiral

By PH Staff / Monday, 16 May 2005 / Loading comments

A good time to buy a Rover 75?

Privately advertised used Rover prices have fallen by up to £313, slashing an average seven per cent off the asking price since the manufacturer closed its doors, according to used car database, Cardata.co.uk.

The demise of Longbridge in mid-April also saw a four per cent increase in the number of Rovers being offered for sale in the classifieds.

Analysis by Cardata shows the asking price of Rovers has been on a rapid downward spiral. A more realistic pricing culture has seen values fall by almost a third in the past twelve months.

For example, the advertised price for the Rover 75 has plummeted 36 per cent, dropping from an average of £10,883 to just £6,912 (that is, an 02 Rover 75 1.8 SE Club with 34,000 miles could be picked up for only £7,400). Over the same period, the Rover 25 has fallen 15 per cent from £5,164 to £4,387.

Older models, like the Rover 220, have witnessed dramatic drops – some by as much as 16 per cent - in the past few weeks alone as sellers struggle to find a buyer.

"With the increasing choice of Rover’s now flooding the market, this downward trend is inevitable", said Andrew Sobell of Cardata.

“It really is a buyer’s market out there at the moment. If you hunt carefully, there are some great bargains to be had, especially with people trying to sell newer models which no longer have the safety of a manufacturer backed warranty.”

He said, “Those concerned over parts supply needn’t worry, given the huge parc of Rover vehicles on the market. Similarly, aftermarket warranties can be purchased for peace of mind from independent insurers for those picking up three-year-old or younger vehicles.”