Motorists who are considering buying a small second-hand vehicle in a bid to cut car insurance costs may find now is a good time to start looking, if new figures are anything to go by.

According to Manheim, average wholesale prices for used motors dropped by 1.6 per cent - the equivalent of £97 - in November.

The group pointed out this means buyers who bought a second-hand car last month typically paid £1,046 less than someone who purchased a vehicle at the same time in 2007.

November's dip also follows a 4.4 per cent fall in values in October - which equates to £278.

Manheim said things could have been a lot worse for retailers.

Commenting on the findings, managing director Mike Pilkington stated: "Following the fall in average sales values in October and the gloomy economic outlook, the fall in average values of just 1.6 per cent in November was less than expected."

In other news, Manheim recently reported car auctions were becoming more popular with British motorists.

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