Used car sales down in Q3

Dec 17 2008

Used car sales dropped to their lowest point for almost a decade in the third-quarter of 2008, it has been revealed.

According to the latest statistics from information service firm Experian, sales throughout the UK during July, August and September dropped by 7.7 per cent compared to the same period in 2007.

This represents the lowest total since 1999, when the market endured a fall of more than 15 per cent.

All major used car makes suffered their biggest fall in sales compared to the last two years, although sales of second-hand hybrids and electric cars have increased.

Kirk Fletcher, managing director of Experian's automotive division, said this was an indication of changing attitudes from Car Loans customers and other buyers.

"The criteria for choosing a car has changed significantly, with price consciousness now featuring heavily on the list for most consumers," he explained.

Figures from Manheim's latest monthly market report revealed that average used car values fell by 1.6 per cent in November to £5,905.

More from Financial and Loan News

---

---

---

---

---

---

---

---

---

---

---