Sales of used cars have increased at their fastest rate in 10 years, with almost 1.9 million pre-owned vehicles being sold in just three months in 2015, according to the latest statistics.
New data from Experian has revealed the number of used cars sold between April and June 2015 rose by 7.3% compared with the same period in 2014. This was the biggest increase in sales since the records began in 2005.
The biggest increase in the sale of used cars was in the North West, where the annual rise was 10.3%, while sales in Humber and Yorkshire rose by 9.9%. In particular, the sale of cars aged nine years or more rocketed by 11% in the three-month period.
Industry experts attribute the increase to the attractive finance deals available for used vehicles. In addition, the fact that used car dealerships are building trust by displaying the vehicle’s provenance check, proving it hasn’t been stolen or written off or has outstanding finance, is removing the risk of a “hidden history”. Improved warranties and service plans are also helping potential buyers with the monthly costs of owning a vehicle.
Motor dealerships are encouraged by the fact that used sales have reached their highest figure since before the 2008 economic downturn caused sales to drop. The recent increase in sales shows that the used vehicle market is now starting to keep pace with new registrations. In fact, the number of people purchasing new cars increased by only 9.3% in 2015, which meant that in some regions, sales of used vehicles had actually overtaken new car sales.
The UK’s top selling used car in the period between April and June 2015 was the Ford Fiesta, with more than 84,000 sold, followed by the Ford Focus, Vauxhall Astra and Vauxhall Corsa.