The number of used cars sold in the first six months of 2016 grew to record numbers, with the second quarter producing particularly strong results, according to new figures from the Society for Motor Manufacturers and Traders (SMMT).
More than four million used cars were sold during the period for the first time ever.
Over the six month period as a whole, used car sales increased by 7.9 per cent, while April, May and June alone saw sales grow by 6.7 per cent when compared to the same three-month period in 2015.
Used car dealers will no doubt welcome these results and may well take the opportunity to increase their stock, take on staff or expand as a result. It is vital, however, that they update their new and used car dealership insurance immediately to ensure they are covered.
SMMT chief executive, Mike Hawes, commented on the record sales figures: "The UK’s used car market is at its strongest ever, and that’s great news for buyers spoilt for choice with the latest advanced vehicle technology and attractive financing options."
He added that, although the sales figures are positive, it remains to be seen whether the trend will continue in the post-Brexit conditions of the second half of the year: "The growth in the used car market has reflected the record demand for new cars in recent years, but future growth in high cost purchases will depend on stable consumer and business confidence."
The SMMT were also able to publish information about the favourite models being sold in used car dealerships as well as insights into where most used cars are being sold. Super minis accounted for a third of all the used cars sold over the period, making this the most popular category, followed closely by small family cars.
In terms of regions, London topped the rankings for sales numbers, with fives times as many used cars sold as the second-ranking city of Birmingham.