25 Aug 16

UK used car market hits half-year record

In the first half of 2016, just over 4,181,000 used cars were traded in the UK. It's the first time ever that the half-year figure has exceded 4 million units, writes Fleet News. The used-car figures, released by the SMMT, mirror record new-car sales, both in 2015 and the first half of this year.

With stocks high due to plate changes in March, April was the most popular time to buy a used car: just over 760,300 vehicles purchased. Cars aged between one and three years were the most sought after. Superminis were by far the most popular body type (33.9%), followed by small family cars (27.2%).

Almost half a million used cars sold were silver, the most popular colour, followed by black, chosen by one in 10 used buyers. Third and fourth most popular were blue and grey. With nearly 60,000 units sold, the most popular used-car model was the Ford Fiesta.
Experts say the figures show the strength of the sector, with supply catching up to demand, which is leading to a price drop. Combined with reduced appetite among manufacturers to subsidise new-car purchases, this is pushing consumers towards 
‘nearly-new’ stock. Growth in the used-car market, therefore, is set to continue. 

Image: Mariordo, CC BY-SA 3.0

Authored by: Frank Jacobs