British Car Auctions (BCA) has released its 25th Used Car Market Report, which shows sales have reached a record high.
According to the BCA report, the value of used car sales in 2014 reached £45.1 billion. This represents a year-on-year increase of 5.6 per cent, which is an all-time high for the UK's motoring sector.
Combined, the value of the UK's new and used car market last year hit £88.5 billion, up from £79.4 billion in 2013. Used vehicles accounted for 51 per cent of the total market value.
The report makes for good reading for used car dealers – sole traders or large dealerships – with sales on the rise. With sales increasing, dealers might consider taking on more stock, hiring new staff or expanding their showroom – whatever the case, changes to business practices like this might impact on a dealer's road risks insurance or combined motor trade insurance policy, so it is important to keep one eye on these policies as a business grows.
BCA's research also examined the habits of car buyers. It found that for 22 per cent of customers, test driving a potential purchase was the most important influence on their choice of used car, up from 16 per cent the year before.
Customers are also going online more and more to research their next purchase and then visiting a showroom to complete the deal. A little over a third (34 per cent) of buyers visited just one forecourt before purchasing a used car.