It’s been a tumultuous year so far, with (dare we mention it) Brexit creating a right old shake-up in the British car market. However, it seems this shake-up could be beneficial for those looking to buy and finance a car, especially a used car.
New figures published this week show that the UK’s used car market grew by a record 7.69% in the first half of 2016, with used car sales going past 4 million for the first time ever. To put this into perspective, new car sales only just exceeded 1.4 million.
Andrew Ballard, head of automotive at Experian, explains:
“New car registrations have been buoyant for the last four years so it is natural to now see this reflected in used car sales. Vehicles which were sold as new cars in the years since 2012 are coming back to motor traders as used cars within the typical change cycle.”
April saw the greatest levels of used car sales, most likely due to the increase in second-hand stock following the plate change in March, which results in more part-exchanged cars coming onto the market.
The great thing for buyers of a used car is that ‘used’ no longer means ‘old’. It is now possible and much more common to pick up a great deal on a 1-3 year old vehicle.
Superminis are proving to be a popular choice, including cars like the Volkswagen Up, Fiat 500, Toyota IQ, Ford Ka, Citroen C1 and, of course, the Mini Hatch.
Car buyers are choosing silver cars above all other colours, with almost half a million changing hands this year, closely followed by black, which was chosen by 1 in 10 buyers.
However, there is still an adventurous crowd out there who are opting for bolder colours, with yellow and gold proving popular.
As we reported in our last post, the Ford Fiesta continues to be the nation’s favourite used car, with 60,000 sold so far this year. The Ford Focus is hot on the Fiesta’s heels, with the Vauxhall Corsa, Vauxhall Astra and Volkswagen Golf making up the top five.
As Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders (SMMT), summarises:
“The UK’s used car market is at its strongest ever, and that’s great news for buyers spoiled for choice with the latest advanced vehicle technology and attractive financing options.”
Looking for your perfect used car?
With competitive and affordable prices available for used cars resulting in these record figures, My Car Credit are here to make finding your car loan easy – whether you have found your new car or not.
Our easy, online application takes less than 3 minutes and will provide you with an instant online finance decision.
Within minutes we compare over 25 lenders, searching the market to get you the best possible car finance rate.
At point of application, we only carry out a soft search, meaning we search the market first to get you the best possible rate and you don’t have to worry about any impact on your credit score.
We also have an extensive stock list, which is updated daily and made available to all of our customers.
All cars are sourced from our selection of Trusted Car Dealers and our approved official stock feed provider, carcliq.co.uk.
You can be assured that choosing a car through My Car Credit will provide you with the best choice of cars, the best car buying experience and an excellent standard of after-sales service.
Apply for your car finance today and drive away in the car of your dreams tomorrow!