Current pump prices are at record highs. British motorists paid a then-record 120 pence per liter (US$6.93 per gallon) for unleaded gasoline in July 2008, and the price is now exceeding this figure. However, unlike in 2008, this time around there have not been any notable repercussions for the upper echelons of the used car market.

While the value of a typical family car has risen by at least 2% since January, large 4x4s have registered a rise of twice this amount. Also faring well during this period are luxury cars and supercars, which have followed the upward trend of family cars.

Given the series of fuel price increases, it is perhaps surprising that there has not been any kind of backlash in the premium sectors this time around. In fact, the sector that could be described as the most fuel inefficient appears to be thriving, namely the prestige 4x4 sector that has recorded price resilience not seen in any other area of the market.

...Even though we expect used car buyers to choose more fuel-efficient cars in future, we are not predicting the demise of the large 4x4, luxury, and supercar sectors. These cars are not necessarily the principal method of transport and could represent the second or even third car in the family fleet. So the desire for ownership will remain high, and relatively low annual mileage will minimize the impact of high petrol prices.

—Glass’s Managing Editor, Adrian Rushmore

Glass’s was founded in 1933 by William Glass and the first Glass’s Guide to Car Values was published in July of that year. Since that time the company has broadened its valuation expertise to cover commercial vehicles, motorcycles and caravans, supplying data in printed, electronic and online formats.

In 2000 Glass’s merged with Eurotax to form EurotaxGlass’s International AG, Europe’s leading supplier of automotive intelligence across 30 countries.