Second-hand car surge

Industry experts believe 2017 will see a surge in demand for second hand cars, with trade purchases in the first 12 days of the year triple what they were in December.

According to website Wizzle.co.uk, the conditions are better than ever for a used car spike as pressures on the new car market start to bite.

Although new car registrations have scaled record heights in recent years, industry leaders now see growth stalling as economic factors like higher inflation and changes in road tax are set to make new car deals look less attractive.

But overall demand for cars is undiminished as consumer spending continues to grow and dealers are now reported to be gearing up for a surge in used car demand during 2017.

Sébastien Duval, who founded Wizzle, said, ‘We saw a pro rata 300% increase in sales for the first two weeks of January, compared with December, and dealers now can’t seem to get enough used cars.

‘There’s no obvious pattern to the type of cars they want, in terms of price band or even age of car – they are just stocking up on everything at the moment. We think dealers are seeing used car sales as a good hedge against an expected slowdown in the market for new cars this year.

‘The Society of Motor Manufacturers and Traders has already predicted that new car sales could be down by five to six per cent this year, so dealers are looking at every possible avenue to keep growing.

‘There is now a better choice of second hand cars than ever before, thanks to the multitude of new models launched over the past few years. Availability at every age and price has also improved since ownership periods have shortened, which means many more high quality used cars available.

‘It’s good news for private sellers too because dealers are enthusiastic about buying direct from the public to fill spaces on the forecourt.’

 

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