Sales of used cars hit 7.1m units in 2012 generating revenue of £38.1bn – the equivalent of Serbia’s GDP. SMMT figures show that just over two million new cars were sold in the same period.
Meanwhile, used car sales rose 6.4 per cent in 2012, says BCA in its Used Car Market Report. Dealers accounted for 57.2 per cent of all those sales – shifting just over four million used vehicles.
The report, produced by Professor Peter Cooke of the Centre for Automotive Management, University of Buckingham Business School, says that lower inflation, lower fuel costs, rising employment and a more stable economy helped restore car buyers’ confidence in 2012.
‘Our research shows that the used car market has undergone some very subtle yet significant changes over the last 12 months,’ said BCA’s Tim Naylor.
‘Customer satisfaction levels with their used cars are among the highest recorded by the BCA Used Car Market Report.
‘Dealers have been working hard to improve the perception of the used car sector and the product itself is of a much higher standard than even a decade ago.’
Also see: The Top Facts on 2012 used car market