Confidence in used cars


I would like to share some stats with you about the reality of buying used cars in Britain today and maybe it could instill more confidence when making that next choice.

Although used car sales fell to 7.1 million in 2007 UK drivers still spent a staggering £33.3 billion on used cars making it the 2nd highest figure ever recorded!The fluctuation in used car units purchased has been as many as 1 million units in the last decade, what does this mean? Well in the current climate the numbers aren’t great but in a wider context the used car market has a general underlying strength, and shows resilience in this sector greater than in previous economic downturns.
The other interesting fact is that whilst the overall used car market dropped by 5.2% in 07, franchised and independent dealer’s sales fell by only 2.7% outperforming the overall market.

Does this mean that dealers are finally getting the message and providing a better service and more competitive deals, which will give customers more compelling reasons to visit them? It certainly seems that way although we all know there is a long way to go If the amount of advice we give out daily to all areas of the country is anything to go by then these same dealers, whether representing franchises or independents, requirement to improve in these difficult times will be more vital than ever!

In51der
  • Selling cars today should be easier than ever
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  • Fewer new cars being bought means a heating up of demand in the used car market
  • Confidence needs to replace the confusion in used car prices
  • New cars back in fashion?
  • New car sales: May 2008 results
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    Comments: 3
    1. used cars
      13 years ago

      Hi,

      Great article post ! Thank you for sharing stats about used car buying.You blog is very useful for those who are looking to purchase a used car…………

    2. Fish Brothers
      13 years ago

      There are two great advantages of buying cheap used cars i.e. avoiding the expense of a brand new one and secondly the cost of the car depreciates 15 to 20 percent in one year. Therefore cheap used cars are gaining popularity in the market. This is good for the customers since they have a lot of choices to choose from. The service history of the used car should be checked for a used car because a fresh coat of paint might cover up a serious dent or rusting panels and a major damage or accident could be a potential disaster. It is also customary to check the registration details, insurance details, no. of previous owners and their antecedents. A broken down engine is easily detectable. A noisy gearshift indicates that there has been extensive wear and tear, which could end up in expensive repairs. Also acceleration and deceleration are other important aspects. The quality of clutch and hand brake are of principle importance.

      Many people buy used cars just for the reason that they can afford to buy one. As any brand new car loses value on depreciation as soon as it hits the roads, so it is possible to get a low mile run used cars for a very less amount compared to its new counterpart. Also it is possible to get the dream car of the purchaser with all the necessary features at a very low price provided the purchaser has to be patient and look for the car of his choice from various sources. It is possible for the purchase to buy a used car even up to half the price of purchasing a new car.

      There is a wide range of models, brands and colors available for the purchaser to buy a used car. Good quality cars are available when purchasing an off leased used car as they are maintained very well, handled by a single person and are available with an impeccable look with all the built in features. Also, nowadays it is possible to even transfer the factory warranty of the car from the previous owner in case the car is within the warranty period.

    3. Used Cars For Sale in Ottawa
      12 years ago

      Great post, love the stats!

      I’m pretty sure that the ratios are fairly the same across North America as well. In Canada we’ve seen used car sales grow and I’m sure the economy had a lot to do with it.

      Although dealers had no choice but to drop prices to make sales, consumer would rather pay less for a used car and not have to deal with the extars a new car adds on, not too mention the significant immediate value depreciation once they drive off the lot.

      Used cars are providing the best value for today’s consumers, so I’ think you’ll see the numbers stay where they are for another year at least.

      Neil

    In51der

    Motor Trade Insider - Bridging the gap between the customer and the Motor Trade

    13 years ago Blog, Consumer, , , , 68