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|SMMT Q3 record used car transactions: Comment|
|Thursday, 17 November 2016|
Chris Bosworth, Director of Strategy at Close Brothers Motor Finance, comments on the SMMT Q3 figures for used-car transactions: “Today’s figures from the SMMT continue to show the strength of the used car market. Despite questionable economic conditions over the last quarter, consumer confidence remains resilient following the vote for Brexit, with a record quarter of growth in the transactions for used vehicles.
“The growth in used-car transactions contrasts directly to the activity we have recently seen in the new private-sales market over the last 6 months, which has continued to fall, causing the overall growth trajectory of new car registrations to steadily decline. This is at least in part a result of consumers taking advantage of the proliferation of ‘nearly-new’ stock’ of one-to-three year old used vehicles that have flooded the market of late. This has equally been matched by an increase in diverse financing options, such as PCP, for consumers wanting to finance a used-vehicle. With so much vehicle choice matched by attractive finance offerings, there has never been a better time to purchase a used-car.”
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