Car companies cut prices in 2010

Thu, 26 Nov 2009



Car manufacturers Ford and Peugeot cut their prices in a new car price war on forecourts. Although many car buyers are thought to be buying their vehicles now to take advantage of the car scrapping scheme and reduced VAT levels, not to mention dealers hungry for car sales, there is expected to be a price war in 2010.

Estimates put the number of new car sales in 2010 as 57,000, but without scrappage scheme aid, they could slump to 35,000. Car companies are worried by the forecasts and are pulling out all the stops to attract customers. Peugeot may lower car prices, whilst Ford are following suit and adding extra equipment at no cost.

Price reductions have already been announced by Volkswagen, Toyota and Kia. Kia Ireland MD, James Brooks, was reported as saying: "Residuals for all used cars have been in freefall since July 2008 and we believe that price reductions like this are a pragmatic and realistic response to the current market and will help stabilise the cost to change which is the most important equation when consumers are shopping for a new vehicle ."
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