The value of used car sales hit a new high in 2014, according to data published this week by British Car Auctions. It comes just a week after news that the sale of brand new cars has also continued to rise in the last year, showing just how strong the British motoring industry is as a whole.
According to the latest statistics, the sales of new cars hit some 7.2 million last year to break records. The data further goes on to say that the value of sales was higher than we have seen at any time in the past, reaching a total of £45.1 billion across the year.
When these sales are combined with those for new cars, the overall total for the year hit some £88.5 billion, which was the highest level ever seen in the UK. The company said that this was split almost three to one, with 2.9 used cars sold for every new car purchased.
Spencer Lock, group managing director of British Car Auctions, said the market figures show a strong insight into how well the UK's car market is performing as a whole at present.
Overall, the car ownership figures across the UK are now higher than they have been in the last few years. The aftermath of the recession had hit the volume of homes that had a car, but this has now started to rise again. British Car Auctions said that a year ago, it had dropped to a five-year low of just 69 per cent. However, last year it rose again to end the year at 75 per cent of homes.
Looking forward, some 12 per cent of British motorists said they will be looking to get their hands on a car in 2015, with some 72 per cent saying they will look towards new cars and 28 per cent likely to buy brand new.
For buyers, the main driver in choosing what they will buy is price, which will be something 58 per cent consider, compared to running costs for 37 per cent and brand for 32 per cent.
Posted by Danielle Barge