Everyone's into second hand cars!

11 September 2015

car scrap Second hand cars are getting more popular in the UK, which is great news for the men of the world who wear sheepskin coats and their dodgy accountants. The value of used-car sales increased by around 6% to a record-high, with 7.2 million second-hand cars changing hands in 2014.

These figures are from a report by British Car Auctions (BCA), in association with the Centre for Automotive Management, University of Buckingham. The value of second hand cars reached £45.1bn in 2014, which happens to be a year-on-year increase of £2.4bn.

Whopping.

The report also showed that the average age of the used cars sold was also climbing, going up by more than 12 months to nearly 7 years and 10 months. This is something to do with the drop in cars being produced after the credit crunch.

New cars sales have been pretty strong of late, and the BCA reckon that this will continue, seeing the average age falling again. The Society of Motor Manufacturers and Traders stated that there's been new car sales of 2.5 million in 2014. Generally, car ownership is on the rise across the UK, up to 75% in 2015.

This could well be something to do with the wonderful British public transport systems.

BCA boss Spencer Lock said: "The shape of the used-car market is likely to change as the new cars sold in the last three or so years start to feed into the sector in greater volumes. Dealers that have had to focus increasingly on older vehicles should find growing volumes of younger used cars available to meet the needs of their customers."

TOPICS:   Motoring

1 comment

  • NotWhoYouThinkIAm
    Modern cars are REALLY reliable, and pretty well made; you often see cars 10-15 years old that still look almost new, BUT. The Achilles heel is the electronics; these start to degrade after 10 years or so, and parts can be either impossible to get, or more expensive than the car is worth. I am currently in the situation where my wifes car is worth £500 and replacement seatbelt pre-tensioners/airbag detonators (which need replacing due to age), cost £600 EACH.

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