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Used car market set for record volumes this year

The used car market is on track to achieve record volumes this year, driven by strong demand.

Used cars

Strong demand is driving record used volumes according to Cap HPI

According to Cap HPI, the market is set to hit 7.6m vehicles in 2016, beating last year’s figure of 7.2m.

This follows the good news for the new car market, which according to the SMMT, hit a record high for September with 469,696 units registered, a 1.6% year on year rise.

A strong first half of the year saw used sales jump 5.9% in the second quarter of 2016 against the same period last year. A total of 2,008,439 vehicles were sold with prices underpinned by strong consumer demand. The performance over the quarter was strong despite a sharp decline in activity in June.

Philip Nothard, consumer and retail specialist at Cap HPI, said: “Strong demand has underpinned a stable market in 2016. Although we have seen larger volumes, values have tracked established seasonal trends.

“The trend looks set to make 2016 a marquee year, up 5.5% on a blockbuster 2015. While recent predictions from the SMMT set some doubt about the new car market in 2017, the used market has much to feel bullish about.”

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Natalie Middleton

Natalie has worked as a fleet journalist for 16 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. As Business Editor, Natalie ensures the group websites and newsletters are updated with the latest news.