UK USED CAR MARKET STAYS STRONG IN 2017
New figures from the Society of Motor Manufacturers (SMMT) show that despite doom and gloom in the new car market, used car sales remained strong last year.
The market dipped just 1.1 per cent compared with the previous year as more than 8.1 million models changed hands, according to figures released on Wednesday.
Despite a 5.1 per cent fall in the market in the fourth quarter, annual transactions were at their second highest level, following the all-time record set in 2016.
Reflecting trends in the new car market, smaller cars continued to be the most popular used buy, with superminis representing a third (33.5 per cent) of all transactions, while demand for minis grew 4.3 per cent. SUVS enjoyed the strongest growth, rising 9.5 per cent. Apart from executive cars, up a marginal 0.02 per cent, all other segments experienced declines.
In 2017, buyers continued to take advantage of the latest alternatively fuelled vehicles (AFVS), now increasingly available in the used market. Growth was driven by demand for petrol-electric hybrid cars, up 22.2 per cent to 73,864, and zero emission electric vehicles, which rose 77.1 per cent, with 10,199 changing hands in the year.
Despite a 4.3 per cent decline, petrol retained its position as the most popular fuel type with a 58.0 per cent market share, while used diesel car transactions rose 3.3 per cent, with more than 3.3 million motorists (40.8 per cent of buyers) investing in one.
A total of 657,320 used cars were sold in total in Scotland over the course of 2017.
The UK’S best-selling used model remained the Ford Fiesta, closely followed by the Ford Focus and Vauxhall Corsa.
Silver remained the nation’s most popular used car colour, despite sales falling 6.5 per cent, while black and blue took second and third places. White, at number five, posted the largest increase of any top 10 colour, rising 10.7 per cent and reflecting the increased popularity of this colour as new, while green experienced the greatest decline in demand as 16.9 per cent fewer buyers chose the colour.
Mike Hawes, SMMT Chief Executive, said, “Britain’s used car buyers are enjoying more choice than ever, and it’s great to see millions of people taking advantage of the low emission, safety and convenience technology filtering into this market.
“While such healthy demand is reassuring, to keep it that way and accelerate renewal throughout the fleet — the fastest way to improve air quality— government must now restore confidence to the new car sector.
“Given the recent economic and fiscal uncertainty, particularly over diesel, consumers and businesses need clarity to encourage them to move out of their older vehicles and into newer, lower emission cars — whatever their fuel type.”