For almost four decades now, new car sales have been falling in the UK. But recently sales have started to pick up. Is it a sign of things to come?
We are heading into the second half of the 21st Century and the car market seems to be heading down one path, while the used car market is moving on another. The big car makers – like Toyota, Fiat, Nissan and Renault – are all trying to make their presence known in the market for used cars, used cars in hollywood fl with discounts, an expanding catalogue of new cars and incentives like 0% APR finance. Is this what the future of the second hand car market will look like?
Back in the 1960s and 1970s, used cars were seen as a stepping stone to the big new cars. They were lower in price, had more options and a higher resale value than new cars.
In recent years, though, with the big car makers offering zero per cent finance for the cost of a car, it has become more affordable to purchase a new car and more affordable to get rid of your old car. When you compare the money you spend on a car, it is cheaper to buy a new car outright, and on a new car finance, you are not paying as much each month.
I’ve always looked on the used car market as a route to move to a new car, but what has really changed in recent years is that the prices of used cars have come down. So, the new car market can be accessed with a used car. For the same amount of money, you can get more options and extras.
Despite the sales picking up, used cars in hollywood fl the used car market is still small compared to the new car market. In 2016, second-hand car sales only made up 2% of the used car market, and 9% of the overall used car market, according to the Society of Motor Manufacturers and Traders (SMMT).
In the used car market, only 5% of sales are by auction. Used car auctions are where the end of the road is for most cars. The fact that the used car market is smaller than the new car market is due to the fact that people buy new cars, and then drive them for 10 years before selling them on.