Slide in used car popularity

Thu, 26 Jul 2007



According to recent data gathered by Experian, more and more UK consumers are choosing to finance the purchase of new cars with car finance loans . In contrast, sales of used vehicles are falling away.

The 2007 trends indicate that new cars are becoming more attractive as used cars wane in popularity. Sales of used cars were shown to fall by 2.9 per cent during the first three months of 2007.

The most unpopular used vehicles to be bought with a car finance loan were those aged one-to-three years. Cars less than a year old remained attractive, with just a 0.5 per cent slide.

Kirk Fletcher, the managing director of the automotive division at Experian, reportedly commented: "The market share in terms of sales volume is still held by the lower medium segment, but the gap between this segment and super minis is closing fast. Over the last decade the market has shifted towards smaller cars and we are seeing these sales begin to give the lower medium segment a run for its money ."

He concluded: "With these bigger engine cars losing their value more rapidly than smaller cars, it will be interesting to see how soon this smaller segment overtakes sales of lower medium cars."
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