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Used car market currently trading well

Used car market currently trading well Image

The used car market was trading well by the end of January despite a "slower than usual start" to the year, according to CAP.

Derren Martin, senior editor of Black Book Live, a real-time independent guide to used car trade values, said used car prices only started to increase around the middle of the month.

The increase in trade was driven by dealers wanting to keep their stocks up, after they realised there were fewer cars available than normal at the start of the year, and grab the best cars as soon as they appeared for sale, according to Martin.

He said that there is currently a high demand for cars that are three years old or less, as there seem to be less available than usual and they are considered the "bread and butter" of the used car market.

Martin warned that prices might not remain stable as manufacturers may start focusing on the UK to increase new car sales, because of the economic difficulties facing many European countries.

He said: "Stability is the watchword at the moment as dealers enjoy healthy retail sales.

"Many of our franchise dealer contacts in particular have been telling us their sales are, if anything, stronger than at this point last year and even margins are holding up, which demonstrates that consumers are also prepared to pay for quality instead of simply buying on price alone."

published: 29/01/2013 17:00:01

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