With all the worries and woes over the Brexit debacle, most regular folk are carrying on with their lives. Recent reports that bus journeys have decreased considerably shows that the car still rules the road and that’s how we like it. Sales of used cars in 2018 bears this out.
2018 Was A Good Year For Used Cars
Pre-owned cars, like the one-owner models we offer on eCars247, remain resolutely popular, and the used car market showed consistently high volumes sold last year. For example, recent statistics report that there were well over two million used vehicle transactions in the third quarter of the year alone with August the best-selling month.
Increasingly, hybrids and lower-emissions vehicles are growing in popularity yet conventional petrol and diesel models still represented more than 98% in that period with almost 850,000 diesel motors finding new owners over the summer months. The really good news for owners is that residual values for both fuel types have risen, perhaps indicating that drivers are holding on to their cars for longer.
The Laws Of Supply And Demand
All industries are affected by the laws of supply and demand and the new car market is no exception. There are many ways for potential customers to buy a motor these days. Loans, personal or business leasing and other attractive finance options
make it easier than even to own that dream car, or at least the best car for the job. New car sales remain popular which means a generous supply of low-mileage, quality used cars
become available. Early reports indicate some good news for buyers as the supply of used vehicles remains buoyant meaning that used car values only declined by 0.7% overall in January and this is because dealers saw lower retail demand for this time of year for vehicles priced over £12,000. This is good news for buyers. Used cars have passed that first year depreciation and thus make for much better value.
Downward movements were visible in all the mainstream sectors, with perhaps surprisingly, MPVs and ever-popular SUVs the worst affected. SUV values were down by 1% on average and this is entirely due to supply slightly outweighing demand.
It seems that uncertainty around the economy and the fact that nobody seems to know what is going on and how the future looks is having an effect on dealer forecourts. Changes wrought by Brexit could affect the new car market leading to price increases and this in turn could push more potential buyers into the used car arena. That’s why eCars247 price check on a daily basis to ensure we are offering the best deals on our AA inspected