UK Sees Biggest Rise in Used Car Sales Since 2007
Director Matt Kay's been a busy man again - he's back in the MEN this week giving some expert commentary on the used car market. Check it out below.
"Figures from Experian show used car sales rising at the fastest rate since before the financial crisis. So why are we choosing to buy used?
The used car market is growing at its fastest rate since before the recession, with sales up by 7% in the final quarter of 2015. The latest figures released by Experian show that 1.63 million second-hand models were sold, with the North East selling more than any other region; a year-on-year rise of 8.3%.
The North West was not far behind, with a rise of 7.3%; more than London, the South West and the whole of Scotland. Every region in the UK saw a rise – so why are we buying used?
Principal consultant at Experian, Andrew Ballard said: “New car registrations have been buoyant for the last four years, so it’s natural to see this reflected in used car sales now. Vehicles sold as ‘new’ in the years since 2012 are coming back to traders as used within the typical change cycle. In some cases, motorists are finding it viable to trade their car in before their finance deal reaches maturity.”
The ready availability of finance deals such as HP (hire purchase) or PCP (personal contract purchases) are putting the most prestige makes and models at more affordable prices. Dealers now offer competitive finance packages that are hassle-free and easy to arrange; much more so than a standard bank loan. Drivers who might have delayed upgrading their car before, are actively becoming buyers again.
Some might be tempted by the new car smell, but for many the value of a used model, when combined with an accessible, affordable finance deal, remains the most appealing.
Matt said: “While the new car market is currently strong, we expect that to level off in 2016. The supply of late-model used cars is only going to increase and used-car sales will receive even more of a boost, helped by the availability of finance. Customers also find that when buying used on a dealer-arranged finance plan, they can afford a much higher standard of car. The huge choice in cars and deals is making used models more attractive to buyers than ever before.”
The used-car dealership on Bell Lane currently has more than 700 makes and models available, plus a range of 0 per cent finance deals. cartime is currently also offering a payment holiday, so customers can drive away today and pay nothing for five whole months. To see the range head down to the showroom or visit www.cartime.co.uk. Got a model in mind? Call the team on 0161 825 8448."