Coatbridge, Lanarkshire -- (SBWIRE) -- 03/25/2015 -- For the past few years, those dealers that sell used cars in the UK have been at a disadvantage when it comes to finance. New car dealers have been able to offer zero interest deals and invite consumers to buy without having to put down a deposit. This has given the edge to the franchisers, helping them to sell more units.
However, that is set to change as finance providers now start to offer PCP schemes tailored for the used car market. These new financial packages should allow used car dealers to compete more effectively.
This will really help to boost cars for sale in Lanarkshire and other parts of the UK where the demand for used cars is traditionally higher than it is for new cars. It means that consumers will not necessarily have to save a deposit to buy a used car. This means they are more likely to enter the market sooner and buy their home sooner. Once consumers have bought one car they are far more likely buy more units down the line, so access to better car finance for used cars should provide long-term growth in the sector.
The plan is to offer used car PCPs on vehicles that are under three years of age. Financial firms are prepared to lend against these vehicles because they now have access to reliable used car valuation forecasts that have just started to be made available by CAP.
Given the way PCPs have fuelled new car sales in the UK over the past few years it is likely that used car sales will rise sharply once these deals become widely available. Demand for used cars is already growing. Falling power and food prices coupled with falling unemployment have both given consumers the confidence to make big purchases. This is demonstrated by the fact that used car sales during, the last quarter or 2014 were the highest they have been since 2006.
Franchise dealers will also benefit because they will be able to sell their pre-registered vehicles using PCPs. Something they have not been able to do in the past.
For more information visit the website http://www.whitesofcoatbridge.co.uk/
For Media Contact:
First Name: Alan
Last Name: White
Business Name: Whites of Coatbridge
Address: 225 - 227 Dundyan Road
Postcode: ML5 4AR
Country: United Kingdom
Phone No.: 01236 437780