A record breaking £35 billion was generated by the used car market in the United Kingdom last year, according to a new report. The used car market is leading the economic recovery of the motor industry with figures from the 2011 Used Car Market Report, which has been released by BCA, showing that an additional 270,000 cars were sold last year in comparison with 2009, which generated an extra £800 million in value.
Sales made by car dealers were up by 3.9% last year, reaching a high of 3.67 million units while in the private sector the figures were 10.8% higher at 2.46 million for an overall market total of 6.6 million units sold.
The average selling price of used cars has been falling with every year that passes, however, and the Report indicates that the UK motor industry could face trouble in the years ahead due to a lack of supply of quality used cars aged between two and five years old.
"The simple fact is the UK car parc is getting older, as fewer new cars are sold and both motorists and businesses have held onto their vehicles for longer" says the Communications Director for BCA, Tony Gannon. "The average age of cars on UK roads rose in 2010 to 7.5 years, which is a 14 year high. The trend for older cars is rising and we believe this could continue for several years to come."
The research also revealed that price remained the most important factor for buyers.
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