Used car sales hit record levels
Used car sales hit 7.4 million units last year, the highest level since 2006 and fuelling a record market value of £42.7 billion, according to British Car Auctions’ annual Used Car Market Report.
The report found that car dealers captured a record market share of 57.8% as the number of used car sales sold privately declined.
Personal experience remains the most powerful influence when choosing a used car, with 28% of motorists who took part in the study citing this as important. However, the views of family and friends were also significant, with 26% choosing this factor, while a test-drive was important to 16%.
When asked what most influences the way they search for a used car, three out of five motorists said they were motivated most by ‘price range’, while two out of five took note of ‘brand’. And while car owners often consider more than one retailer, the number of car owners looking to do business with a ‘franchised dealer’ rose one percentage point to 49% this year.
Asked ‘how they thought technology might affect motoring over the next five years’, around half of car owners felt ‘cars will become more fuel-efficient with better fuel consumption’ and ‘electric cars will become more commonplace’. A third believed that ‘safety will improve because of automatic braking systems and other driving aids’, while 29% thought ‘drivers will become more dependent on visual and audio aids such as parking sensors/cameras and heads-up displays’.