Used car sales have reached their highest level since 2008, according to new figures from Experian.
The company's data revealed that between July and September 2014 there were 1.86 million used cars sold in the UK. This was up from 1.82 million in the same period the year before and is the largest number since the recession hit in 2008 – in the second quarter of this year 1.92 million used cars were sold.
The figures make for good reading for anyone selling cars, whether an individual operating on a part-time basis or a large dealership dealing in second hand cars. For these traders, regardless of size, it is essential that they continue to assess the level of cover they are getting from their road risks insurance policy or indeed a combined motor trade insurance policy – as the market improves, a business' insurance might need upgrading to provide additional cover for the extra vehicles being stocked and driven.
In terms of the ages of the used cars being bought and sold, there a strange pattern was noticed. For used cars aged nine years and older the popularity increased, with sales of these older vehicles increasing 7.1 per cent in the third quarter of 2014 compared to the same period the year before.
Sales of used cars aged up to three years also increased, this time by 4.3 per cent year on year. However, for cars aged between three and six years and six and nine years sales dropped by 3.4 per cent and 3.9 per cent respectively.
By region, used car sales went up the most in the North West of England (5.8 per cent). Conversely, the number of used cars changing hands in East Anglia dipped by a surprising 17 per cent.