Used car market 'is helping to boost motor industry'
Used car market 'is helping to boost motor industry'
Strong sales of used cars in the last two years have played a key role in helping the UK motor industry to make a recovery from recession, according to a new report.
Data from British Car Auctions (BCA) has shown that used car values hit record levels last year despite the wider economic pressures, with average selling prices rising from £4,868 in 2008 to £5,422 in 2009.
This came despite growth rates in the new car sector stalling and receding during the same period, with BCA expecting that this trend will continue to play a key role in the current year.
The report suggests that strong used car sales have played a comparable role in reviving the motor trade to the scrappage scheme, with BCA communications director Tony Gannon praising the industry for successfully meeting the needs of consumers.
"It is this ability to provide a broad range of products at every price point ... that we believe sustained this crucial revenue stream in 2009."
According to BCA figures published last month, used car sales continued to hold up well in July 2010, although a "modest decrease" in average values was noted.
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