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Second Hand Car Sales On The Up

As new car sales see as sharp drop off in their numbers, used vehicle auctioneers are having a better time of it any have been announcing growing volumes of used cars coming through their doors.

There is no dispute that the new car market is in real trouble. Car retailers are having to make large portions of their workforce redundant due to a drop in demand and subsequent slow down of production. Job losses have also come from the premium car makers Bentley which shows that no market level is safe from the poor economy. Official figures show a 30.9% fall in new car registrations according to the Society of Motor Manufactures in January as compared to the previous year. This is apparently the biggest fall since 1974 and the trend looks set to continue. Many of the industry analysts predict that the market won’t really pick up for at least 3 years.

Whilst new purchases are suffering, the same cannot be said for those in the used car market. BCA and Manheim have announced that they have seen record numbers of vehicles come through their books over the previous weeks. BCA reports that vehicle prices have risen now for 3 months in a row, and yet more vans and cars were sold this January than in any previous year. They estimate an average of rise of £300 on last year.

Car leasing is also on the up it seems as the major leasers are reporting improving numbers this year. This is possibley a result of people making the choice to lease their vehicles during this slow economy rather than commit to purchasing them outright. Traditionaly vechicle leasing companies have done very well from periods of economic downturn, and this one seems to be no different.

Average wholesale van costs went up by close to £140 according to the other well known auction house – Manheim. The increase marks the first upturn since last year’s September. The has been an increase in sales of four wheel drive cars for the sixth month running, which brands like Audi being top of the pack.

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