Used car market value hits record high

Used car market value hits record high

The number of used cars sold last year reached the highest level since 2006, a new market report has found.

According to BCA’s Used Car Market report, 7.4 million units were sold last year, in turn fuelling a record market value of £42.7 billion. The news follows the SMMT’s announcement that new car sales rose by 14.2 per cent in October this year, helping sales to surpass two million for the year – it is the first time this mark has been passed in the first 10 months of the year since 2007.

As the used car market continues to grow apace, it is important that car dealers keep an eye on their motor trade insurance policy to ensure it still provides sufficient cover for their changing needs. From road risks insurance through to combined motor trade insurance, if there are ever any changes to an individual or company’s business operations then this must be reflected in the type and scale of the cover they obtain.

BCA said that dealers accounted for a record market share in 2013, as they increased their volumes year-on-year by 5.1 per cent to 4.28 million, equivalent to 57.8 per cent of the total. Meanwhile, private-to-private sales market share declined marginally to 38 per cent.

In total the value of the used car market grew by £4.6 billion last year, bringing the figure to an all-time high of £42.7 billion and out performing the new car market by £6 billion.