Motor Trade Insurance

Posts Tagged 'Used Car Sales'

  1. Used Car Sales Drop Slightly In Q1 2019

    May 16, 2019 by Logan Biggs

    Those of you running a business in the motor trade industry, in particular motor traders, will find it interesting to read that there was a small reduction in the number of used cars sold in Q1 2019 when compared with Q1 2018.

    Data published by the Society of Motor Manufacturers and Traders (SMMT) reveals that the number of used cars sold in Q1 2019 was 2,020, 144 whereas in Q1 2018 the figure was 2,031,661. That is a drop of 11,517 that equates to a fall of 0.6% – only a small drop but nevertheless it is still a fall in numbers. more »

  2. Number Of Used Cars Bought With Point Of Sale Finance Increases

    April 14, 2019 by Logan Biggs

    Motor traders will be interested to read that, according to data produced by the Finance and Leasing Association, the number of used cars here in the UK purchased by consumers with the assistance of finance arranged at the dealership has gone up in the 12 months to February 2019.

    In the 12 months to February 2019, the number of used cars bought using point of sale finance rose to 1,464,817. This is a rise of 5% which we are sure you will agree is a significant increase.  The value of these advances came to £17,762 million. This was a rise of 11% – a sizeable rise. more »

  3. Used Car Sales Drop In 2018

    February 21, 2019 by Logan Biggs

    If you are a motor trader dealing in the buying and selling of second hand cars, what sort of a year did you have in 2018? According to figures published by the Society of Motor Manufacturers and Traders (SMMT), used car sales here in the UK fell in 2018 in comparison to the previous year.

    Unfortunately, the number of used cars sold fell by 2.1% when comparing 2018 with 2017. In 2018, there were 7,945,040 used cars sold whereas in 2017 the number of second hand cars sold amounted to 8,113,020. That is a drop of 167,980 – a significant number and one that the motor trade industry could have done without as there has not been all that much to be positive about last year. more »

  4. Used Car Sales Fall In Q3 2018

    November 23, 2018 by Logan Biggs

    It has possibly not been the best of years if you are a motor trader involved either in the sale of new and/or used cars. The Society of Motor Manufacturers and Traders (SMMT) has recently published figures for the number of used cars sold in the third quarter of 2018 here in the UK and they make for disappointing reading.

    In Q3 of 2018 there were 2,057,457 used cars sold bur in the same quarter of 2017 there were 2,102,078. That equates to a reduction of 2.1% that, in volumes terms, is a fall of 44,621. That is a significant fall and is something that may concern some of you in the motor trade industry.

    There was a similar pattern on a year to date basis with 6,182,547 used cars being sold in the year to date to Q3 of 2018 whereas in the same period to Q3 of 2017 there were 6,338,188 used cars sold. That equates to a reduction of 2.5% that in volumes terms is a large fall of 155,641.

    On a positive note, the number of electric, plug in hybrid and hybrid used car sales rose by almost 30,000 when comparing Q3 of 2018 with Q3 of 2017. This equated to a rise of 28.6%. There was a drop in the sale of used diesel cars of 2.6% and used petrol car sales fell by 2.3%.

    With regard to the colour of used cars sold, the most popular colour continued to be black with 431,000 changing hands. In second place was silver/aluminium with 411,924, in third place was blue with 362,096, in fourth spot was grey with 273,881 and in fifth place was white with 240,268. The colour car that fell in popularity the quickest was green in seventh place with a fall in sales of 17.1% to 51,624.

    The top five selling used cars in the UK in the third quarter of 2018 were: –

    1. Ford Fiesta 93,260
    2. Ford Focus 84,014
    3. Vauxhall Corsa 80,789
    4. Volkswagen Golf 68,614
    5. Vauxhall Astra 66,942

    The drop in the number of used cars sales not only has an impact on motor traders but may affect other areas within the motor trade industry. For instance, it could mean that there is less work for those who repair and service used vehicles.

    Let us hope that, when the figures are produced for the number of used cars sold here in the UK for the final quarter of 2018, there has been a turnaround and that, looking ahead to 2019, we see a better year.

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