subject: Q3 Used Car Sales Are Up [print this page] 1,801,258 used cars were sold in Q3 of 2010, which converts to an increase of 4%, used car sales have not increased during any quarter since Q1 in 2006. Q3 is usually a slow period for used car sales which amplifies the growth of 4%.
According to Experian, the global information services company mini, MPV and 4x4 models showed the most increase, vehicles like the Vauxhall Corsa, Vauxhall Zafira and BMW X5 drove the majority of units sold. The mini category increased by 9.2%, the MPV sector grew by 14.1% and the 4x4 category increased by 7.7%.
In Q3 of 2010, 382,697 units were sold in the South East of the UK which is an increase of 8.4% when compared to last year. Used cars in London remain very popular and continue to contribute a large proportion to the used car market.
Joe Myers, director of commercial for Experian, said: Q3 is historically a slow period for used cars sales, which makes this improvement in sales volumes very positive news for the used car industry. By taking advantage of market intelligence around car sales, dealers can use the surge in transactions to uncover the latest buying trends and adapt their stock offering to meet market demand and maximize sales opportunities.
Not all sectors of the used car market showed an increase, the luxury used car market saw a decline of 0.2% and the upper medium sector decreased by 2.56%. Ford was still the top selling make with 14% share of the used car market and selling 260,067 units.
Customer mentality change is demonstrated by an increase in electric and hybrid model used car sales, 36.7% more electric cars were sold and 46% more hybrid models were sold. With the ever increasing fuel prices consumers are looking at ways to lower their fuel bill and are resorting alternative fuel powered cars.
