Used car sales grew by 0.9 percent in the third quarter of 2019 as just under 19,000 more vehicles were purchased compared to 2018 statistics. The increase is the first time used car sales have been up for nine straight quarterly periods as soaring electric car sales boosted overall figures.
The data also revealed motorists have purchased more used cars than new models in 2019 with an extra four million sales for second-hand machines.
The total number of used cars sold to date in 2019 totals 6,130,762 compared to the 2,005,522 new vehicles which have left forecourts up to October.
The study is backed up by a recent study from AA Cars which showed 74 percent of motorists admitted their last vehicle was purchased second-hand.
Reacting to the news, AA Cars CEO James Fairclough said: “As new car sales shrink, these robust used sales figures show many buyers are being strategic, and are seizing on the wide range – and quality – of second-hand cars currently for sale.
Statistics from Britain Under the Bonnet revealed 70 percent of motorists say they would be willing to purchase a vehicle more than one year old.
A further 18 percent say they would purchase a vehicle which is more than five years old as 30 percent of those surveyed admitted to buying their current car from a second-hand dealership.
Sean Kemple, Director of Sales at Close Brothers Motor Finance said: “As the motor industry battles economic slowdown, stagnating growth in used car registrations continue to reflect shaky consumer confidence. But while new car sales have had a tough year, this has been to the benefit of the used market as buyers look to cut costs.”
He added: “Dealers mustn’t be disheartened by these figures. Where economic uncertainty is leading to a general hesitancy to buy, the used market can be viewed as a prime opportunity to maximise sales.”
SMMT data also revealed the regions in the UK which had purchased the most used cars over the third quarter of the year.
Areas of the South East topped the list with over 300,000 transactions. The region as followed by parts of the North West ad West midlands where motorists both snapped up over 200,000 used vehicles.