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|Chris Bosworth comments on SMMT used-car figures|
|Wednesday, 24 August 2016|
Chris Bosworth, Director of Strategy at Close Brothers Motor Finance, comments on the SMMT H1 figures for used-car transactions: “Today’s figures continue to show the current strength of the used car sector, which mirrors the growth of the new vehicles market we saw toward the end of 2015 and earlier this year. We are beginning to see the supply of used vehicles starting to catch up with demand, which is leading to a fall in prices for used vehicles whilst exchange rate movements mean manufactures are less inclined to subsidise finance on new vehicles. This is starting to result in consumers now opting for well-priced ‘nearly-new’ stock’ between 1-3 years old.
“According to figures from the FLA, the used car finance market in the UK already grew by 15% year on year during the first quarter of 2016, and our own data suggests that July was a strong month for used car dealers. With so many well priced ‘nearly-new’ cars on the market, consumers have never had it better when it comes to the types of cars and financing options available to them. We expect the growth in the used car sector will continue for the remainder of the year, buoyed by the diverse financing options, such as PCP, and the increase consumer confidence in the market.”
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