Pre-Loved Vehicle Sales Soar in the First Half of 2016!
For the first time ever on record used car sales have exceeded 4 million for January-June 2016. A massive 4.18 million used vehicles were bought which shows a 7.9% increase when compared to the same period in 2015.
The Society of Motor Manufacturers and Traders has revealed the busiest month was April, when 760,000 vehicles changed owners. An increase of stock after the March plate change is thought to be the reason behind April’s bumper sales.
Our love for the compact, cheap to run and easy to park supermini is continuing as these make up 33.9 % of all sales in this period. The small family hatchback was the second most popular choice responsible for 27% of sales in the first half of 2016.
Top 10 best-selling used cars January-June 2016
- Ford Fiesta 58,967
- Ford Focus 40,871
- Vauxhall Corsa 37,724
- Vauxhall Astra 27,162
- Volkswagen Golf 25,339
- Nissan Qashqai 23,286
- Fiat 500 18,757
- Volkswagen Polo 18,663
- Nissan Juke 17,572
- Peugeot 208 16,561
The most popular colours sold were silver, black and blue with the more unusual colours orange and mauve making an appearance in the top 10.
Rivervale’s Used Vehicle Director, Jeff Nailard, has reflected on record sales within the used car market;
“There are so many pay monthly deals available now on new vehicles it has forced the used vehicle market to become much more competitive, meaning customers are getting better value for money than ever before and so we see sales increase.
Customers are now regularly opting to pay monthly for used vehicles. In the past 6 months at Rivervale 60% of our used vehicles have been paid for by entering into a Personal Contract Purchase agreement, where there is the option to hand back the vehicle at the end of the agreement and move on to the next one – in much the same way we upgrade our mobile phones.
Of the remaining 40% around ¾’s of customers will choose a Hire Purchase finance agreement to spread the cost of the vehicle over an agreed time period and own it at the end. It is very rare now for a pre-loved car to be paid for in full on the day of purchase.
With so many competitive prices around and a variety payment options available it is no wonder used car sales are soaring“
If you are confused about which finance options are available on a pre loved car – read our guide!
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16 September 2016
Written by Natalie Faughy