Used car prices fall by as much as €3,300

SECOND-hand car prices have dropped for the first time in eight years, with prices at the higher end falling by as much as €3,300.

The drop in prices has come about because of changes due to come into effect in July to the costly Vehicle Registration Tax (VRT) system on cars, which will make petrol-guzzlers more costly while cars like efficient diesels will be cheaper.

Changes in the road tax system also mean owners of vehicles with higher carbon dioxide (CO2) emissions will pay higher annual road tax in future.