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Record number of used vehicles sold in 2016, predicts Cap HPI

Date: 04 January 2017   |   Author: Daniel Puddicombe

Automotive data company Cap HPI has predicted more than 7.7m used vehicles will have been sold in 2016 - the highest on record.

According to the company, this figure will beat last year's total of 7.2m vehicles and the previous best of 2004's 7,731,609 vehicles.

The company said strong demand in the new car market led to stable used car values throughout 2016.

"It looks like 2016 will beat a strong 2015 and the previous record of 2004. While 2017 isn't without its challenges, motor retail is in great shape heading into the new year," said James Dower, senior editor, Black Book, at Cap HPI.

According to remarketing giant BCA, as of November 2016, the average price for used cars sold at auction was £8,631, a rise of £505 compared with November 2015.