9:22 am, July 21, 2017
HIGH demand in the first half of the year has put the used car market on track for a record year, according to automotive data expert Cap HPI.
Used car sales set a new record in March with 728,525 changing hands and six per cent up on the same month in 2016. It is only the second time since 2004 that the used market has passed 700,000 vehicles in March.
Total used volumes passed 3.3m between January and the end of June, an increase of 0.1 per cent on 2016.
Commenting on the trend Philip Nothard, consumer and retail specialist for Cap HPI said: ‘Motor retailers are increasingly turning to used vehicles to support margins. To date, strong demand has helped to support stable prices in 2017. If the current trend continues, we will see a record year for used car sales.’
The used market exceeded 7.7m vehicles in 2016, beating the 2015 figure of 7.2m and the previous 2004 record of 7.7m vehicles.
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