Used car slump - more information

Fri, 01 Feb 2008



Car finance news yesterday revealed that the UK used car market had fallen dramatically in the third quarter of 2007, with younger cars (3 years old or less) losing out to warranties, free insurance and 0 per car finance deals on new cars.

Fresh information indicates that larger vehicles such as SUVs remained popular, with strong sales on both fronts. Executive cars saw a slump, as did the upper medium segment of the market. Super minis also remained a strong selling segment of the UK market.

Diesel cars also maintained their popularity. Kirk Fletcher, the Managing Director of the Automotive division at Experian, who released the statistics, reportedly commented: "The only segments to see strong sales in both the petrol and diesel categories were SUVs and MPVs (up three per cent for each segment), proving that their popularity is still strong despite the negative media attention and concerns over the environment."

Fletcher reportedly concluded: "Conditions are tough for used car dealers and the squeeze on consumers’ spending is not helping. By the end of September in 2006, just over 6 million used cars were sold and by the end of that year just under 7.8 million used cars were sold. By the end of September 2007, the industry was 3 per cent behind target. In order for the used car sector to avoid recording a loss during 2007 as a whole, October, November and December will need to record just under 1.9 million used car sales."
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