A 6.4% year-on-year growth has returned used car sales returned to pre recession levels, totalling 7.1m units in 2012, according to vehicle remarketer BCA’s Used Car Market Report.
The annual used car market was worth £38.1bn, £2.4bn above the figure for 2011 and outperforming the new car market by £5.8bn.
BCA highlighted the sales of zero- to two-year-old used cars, which rose 18.6% to 762,000 units after three years of falling volumes for the age range.
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Sales of three- to five-year-old cars grew by 6.1%, while sales of six- to eight-year-old cars also rose for a fifth consecutive year.
Sales of vehicles over nine years old remained flat, however more cars were sold in this range then cars less than two years of age.
The average age of a vehicle on UK roads reached a 30-year high, at 7.59 years.
Tim Naylor, editor of the report, said: "the car parc will continue to age as the record high new car volumes of the early 2000s wash through.
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By GlobalData"It is testimony to the build quality over the last decade that three-quarters (76.3%) of cars now make their 12th birthday and more than half (51.6%) are reaching the 14-year mark."
Dealer delight
With 4.07m sales, dealers accounted for 57.2% of all used cars sold, representing 74.4% of the total market value. In terms of volumes, dealers’ sales rose 8.9% year-on-year.
There were 2.7m cars sold through private transactions, worth £7.9bn, and 300,000 sold through auction or by other, similar means, worth a total of £1.9bn.
According to the report, there was a 5% rise in households without a car, nationwide, rising to 12% in London. Over the past three years, the number of households without a car rose from 23% to 28%, a 21% rise in real terms.
Overall, 14% of car owners questioned for the report said they were "certainly" or "quite likely" to buy a car in the next 12 months, up 4%, year-on-year.
A low or 0% finance offer would tempt 17% of potential car buyers to "certainly" consider buying a new car, rather than used, and a further 23% said such an offer would make it "quite likely" they would buy a new car.
Price was the biggest influence for 64% of motorists when choosing their car, followed by brand, 39% and model, 37%.
Meanwhile, fellow remarketers Manheim, SMA and G3 have all reported strong used car values this month.
