2013 has been named one of the best years for the used car market after August saw increased sales achieved by more dealers than at the same point in 2012.
Sales have started to slow down for some dealers, but the comparison of year-on-year results across the whole market confirms 2013 as an overall good year for independents.
‘By any measure this remains a tremendous year in the UK used car market’, says CAP’s Mike Hind.
‘The industry is dominated by positive headlines and it is clear that the UK car market in general is leading the way when it comes to the recovery of consumer confidence.
‘This is, of course, helped by the fact that so many consumers are contrasting the returns they will get from a typical savings account with the benefits they’ll get from replacing their car and consistently opting for a better vehicle.’
As part of its research for Black Book Live, CAP questions a ‘Dealer Insight Panel’ of around 100 independent used car retailers.
This research also provides data for CAP’s ‘Total Cost of Motoring’ tool, which revels the true price of car ownership over time to help forecast car value depreciation.
In its latest survey of 98 dealers across Britain, 67 per cent reported that August brought an increase in used car retail sales compared with July.
Hind adds: ‘There is also good news for many motorists in the on-going difficulty 28 per cent of dealers are reporting in finding the right cars for retail because anyone with a good part-exchange to offer will find a better deal than they might have expected.
‘Dealers are still crying out for good part-exchanges and are prepared to offer very good prices for the best examples. With 69 per cent of independent dealers continuing to describe their own stock levels as ‘too low’ this is the time for motorists to take advantage of the situation by making sure their own cars are presented to dealers in the best possible condition for selling on as possible.’