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.
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.”