For the first time since the recession, sales of used cars have risen to pre crisis levels.
Mansfield, Nottinghamshire -- (SBWIRE) -- 03/16/2015 -- The BCA Used Car Market Report showed that last year over 7.4 million units were sold. That is more than in 2006 when used car sales reached and all time high. The value of these car sales was £42.7 billion, which was up by 4.2% year on year. For the first time the value of used car sales outstripped the value of new car sales and did so by £6 billion turning the UK car market on its head.
Used car dealers in Nottinghamshire and the surrounding areas have seen demand rise at an astonishing rate with sales rising in double percentage figures across much of the region. In this part of the UK, it has been the value dealers that have seen the strongest growth. BCA data shows that for people in The Midlands value for money is the most important consideration when buying a used car. Of those buyers surveyed 77% said that their purchasing decision was primarily driven by price.
The average price paid for a used car in the UK has risen by 7.6% with the average price being £5,764. There is growing demand for younger used cars. Most consumers are looking for a vehicle that is less than five years old. Sales of vehicles in this category rose by 6.5%.
Currently, there is a shortage of these vehicles. This shortage is because, since 2008, new car sales in the UK have been decreasing. Fortunately, new car sales are once again taking off, which means that in a few years time there will be plenty of younger used vehicles available for consumers to buy. However, it will take a few years for equilibrium to return to the market, which means that the price of used cars younger than five years old is likely to increase slightly during 2015.
Falling food and fuel bills along with lower unemployment levels and the feeling that the UK economy is once again growing is likely to fuel demand across both the used and new car markets. However, should the interest rate rise much of that increased demand is likely to disappear, and do so quickly.
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