UK Used Car Market Continues to Soar

Motor Trade Insurance » UK Used Car Market Continues to Soar

UK Used Car Market Continues to Soar

The used car market in the UK continues to grow evermore during the first period of 2016 despite all prior fears that the UK car market may see a sharp decline after the Brexit decision. Luckily, in spite of all the negative speculation surrounding the UK automobile market, the used car market has actually grown by 7.9% in the first half of this year. This is staggeringly huge and marks the highest number of used car sales since records began.
Between the months of January and June, transactions for the used car market totalled 4,181,042. This evidences the massive spike of used car sales within the UK in 2016.

It seems as though the most popular month for car transactions was in fact April, with over 750,000 vehicles being purchased within the month.

Another interesting fact is the most popular age of cars being purchased, with 1-3 years old cars being the highest figure of purchases, as opposed to older vehicles 5-7 years old, which was the previous most popular vehicle age on the used car market.
It turns out that one in three transactions were Supermini body types and these were by far the most popular type of car. Small family cars followed in second place, as they accounted for over 25% of all used car sales.
Let’s get on to colours shall we? Silver was by far the most popular choice of colour for the used car market and figures estimate that over half a million cars of this colour were exchanged this year alone. The second most popular colour of cars was black, however it also appears as though brighter coloured cars are increasing in popularity, as yellow and gold cars saw an increase of sales.

It appears as though the UKs most traded car turned out to be the Ford Fiesta. Nearly 60,000 have sold so far this year, however regional trends have also appeared – Edinburgh, for example, sold mostly Vauxhall Corsa’s and Londoners favoured the Ford Focus.

Mike Hawes, Chief executive for SMMT said: “The UK’s used car market is at its strongest ever, and that’s great news for buyers spoilt for choice with the latest advanced vehicle technology and attractive financing options.
“The growth in the used car market has reflected the record demand for new cars in recent years, but future growth in high cost purchases will depend on stable consumer and business confidence.”

2017-03-22T09:07:00+00:00 August 29th, 2016|