Used car sales increased at their fastest rate for ten years in Q2 2015, according to Experian.
The credit company said a total of 1.9m used cars were sold in Q2 2015 – 7.3% more than the amount sold in Q2 2014.
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The 1.9m used cars sold figure was also the highest number recorded by Experian for the April to June period since 2008.
The North and Midlands saw the greatest increases in sales, with some areas seeing growth of around 10%, while in the South sales were a bit slower. The South West saw the smallest increase in sales, at 3.8%, year-on-year.
In Q2, sales of cars aged nine or more years old grew by 11%, year-on-year, however those aged between six and nine years fell 5%.
The Ford Fiesta was the bestselling used car in the period, with 84,000 units sold. It was followed by the Ford Focus and the Vauxhall Corsa and Astra. It should not be surprising that Ford and Vauxhall models topped the used car sales chart, considering the two companies have been the first and second bestselling manufactures in the new car market in the UK for some time.
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By GlobalDataAndrew Ballard, automotive director at Experian said: "Motor traders will be encouraged to see used sales reach their highest since the economic downturn in 2008. The surge in sales suggests the used car market is beginning to keep pace with new registrations, which rose by 9.3 per cent last year, according to the SMMT.
"Attractive finance deals have been a big factor in encouraging people to change cars, whether for new or used. Competitive deals on PCPs have led to more people buying new cars because it’s an affordable monthly cost, while these finance deals only tend to apply to younger used vehicles."
