Buyers steering toward used cars
Used car retailers could be set for a bumper year, with at least half of buyers turning to the used market according to new research from CitNOW.
The nationwide study found that 48% of prospective buyers are looking to the used car market for their next purchase, as a combination of more advanced cars and tempting finance deals boost the second-hand sector.
The results from CitNOW’s study reflect the SMMT’s figures for used car sales in the second quarter of this year, which reported over two million used car vehicles sold.
The new research arrives as CitNOW lifts the lid on its nationwide Year of the Used report, revealing its findings while helping dealerships engage with car buyers amid renewed interest in the used market.
While over half of under-45s were looking to buy used for their next purchase, the second-hand market was proving most popular with 25-34-year olds.
Slightly more women (55%) are open to buying used than men (45%), while nearly a quarter of female drivers are undecided, highlighting the opportunity for retailers to win business through excellent customer service.
Ollie Parsons, head of sales and client services, CitNOW, commented, ‘With more advanced cars hitting the market alongside enticing finance deals, used cars are more appealing than ever for the consumer, and our survey shows it isn’t just the traditional young males audience turning to the second-hand market.’