Used car sales falling

Used car sales, and the number of car finance applications for used car credit are falling rapidly. A study by the financial services arm of supermarket giant Sainsbury’s found that the number of people planning to purchase a second-hand car has slumped. However, the initial success of the car scrappage scheme in increasing new car sales may offset the decline somewhat.

Between March and August, approximately 4.5 million people are intending to buy a used vehicle . This is down 12 per cent on the number planning on this purchase between September 2008 and February 2009.

The total expenditure, according to Sainsbury’s Finance, will be around £20 billion, an average of £4,487 for each vehicle . The initial reaction to the car scrappage scheme has been extremely positive, and it has already generated tens of thousands of sales of new vehicles .

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Used car sales falling

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