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Used car market hits record high
Date: 16 September 2015 | Author: Tristan Young
The value of the used car market in the UK hit an all-time high with a value of £45.1 billion, according to the latest edition of the BCA Used Car Market Report.
The report, which is in it's 25th year, shows a 5.6% increase on the previous year and when combined with the new car market shows a total of £88.5 billion.
Of particular use to fleets is the consumer trend information which can be useful when judging how cars will perform when de-fleeted.
According to the report, hatchbacks not only remained the most popular model among used car buyers but increased in popularity by 7% year-on-year to a total used car market share of 51%.
Interestingly for fleets, diesels accounted for just 36% of those bought by respondents which represented a fall of one percentage point compared to the previous year. However, running costs are the second strongest influencer when looking for a car after price, but ahead of brand.
When quizzed about what type of fuel will power their next car, 51% of the 4000 people surveyed said it would be a petrol. Diesel took 32%, while 4% answered hybrid and 1% said pure electric.
Overall, car ownership appears to be coming back into favour. In the past year, there has been a 3% rise in the number of people who believe there is no alternative to owning a car.
