Eight years ago the average used car price was £8,997, this year it is £12,731. Over the same period average new car values increased by 19 per cent, up from £21,911 to £26,105.“At a time when new car sales are struggling these figures represent a very real potential for finance to fuel continued growth in the used car market,” said Auto Trader director Ian Plummer. “The conditions are right and as average prices increase, we’ll see more consumers opt for finance as the best way to access their next car,” he said. Auto Trader attributes the used growth to the massive rise in PCP financing for new vehicles and an average three year ownership cycle pushing younger stock into the second hand market. Over the last five years there has been a 32 per cent increase in these vehicles, along with three and seven per cent drops in five and ten year old stock numbers. Some 88 percent of new cars are funded by PCPs, up from 50 per cent a decade ago. Auto Trader has suggested that there is potential for further used car business growth and it has urged the motor trade to make used car finance packages… Read full this story
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