Used car sales return to pre-recession levels

As the UK’s buoyant new car sales figures continue to buck the European trend, it was only a matter of time before this had a positive knock-on effect on sales of used cars.

Now, according to figures released in the latest BCA Used Car Market Report, used car sales hit 7.1 million last year, outpacing new car sales by 6.4% and, even more crucially, returning to pre-recession levels.

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In fact, a record £38.1 billion worth of used cars were sold in 2012, £5.8 billion more than was spent on new cars.

The strong demand for new cars has also led to a surge in the sales of cars aged two years and younger, with ‘nearly new’ cars recording a rise of 18.6% to 762,000.

The report claims that lower inflation, lower fuel costs, rising unemployment and a more stable economy have all helped to restore buyers’ confidence.

That said, the average age of vehicles on UK roads has reached a 30-year record high – a typical UK motor is now 7.59 years old. But perhaps that’s also a sign of increasingly vehicle reliability.

Other trends highlighted by the BCA Used Car Market Report include:

- Hatchbacks increased in popularity by 4% to 51% of all used car sales

- Sales of saloons dropped by a similar amount to 22%

- Sales of used MPVs dropped by 3% to 10%

- Diesel-engined cars’ share of the market rose by 3% to 36%

- Nearly a quarter of motorists believe that buying used is a better option than buying new

- 14% of people said they will ‘certainly’ or ‘quite likely’ buy a car in the next 12 months

Despite the optimism, motorists are still showing signs of caution when it comes to running a car. Four out of five drivers said they had already taken steps to cut their running costs, with a slower and more considered approach to driving being a key factor.

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By motoringresearch.com