Used car sales reached a six-year high in 2014, with 6.89 million vehicles changing hands across the 12 months, new figures have shown.
According to data from Experian, sales of used cars in Britain increased by 1.18 per cent on the 6.81 million recorded in 2013 to reach their highest point since 2008, when 7.21 million used vehicles were sold. Meanwhile, the same research uncovered that more than 70,000 Ford Fiestas changed hands in the fourth quarter of last year, making it the UK's top selling used car.
Market research such as this is always valuable to those working in the motor trade industry, whether it is an individual repairing cars part-time or a large dealership. Not only can it help inform their stock and working practices but it will also inform their decision when it comes to obtaining a road risks insurance or combined motor trade insurance policy.
The six-year high was reached despite the fact that Q4 sales last year were down 0.21 per cent to 1.53 million compared to the same period in 2013, AM Online reported.
Broken down by region, Greater London’s annual used car sales rose by 2.25 per cent in 2014 compared to the previous year, the greatest increase of any area. Sales went up by 2.09 per cent in the North West and 2.06 per cent in Scotland over the same period.
East Anglia was the only region to experience a decline in sales, falling 5.24 per cent compared to 2013.