Second-hand Car Sales are Booming

Yet more signs that the post-Brexit prophets of doom were a long way from reality came with the announcement of 2016’s used car sales figures. According to the Society of Motor Manufacturers and Traders a record number of 8.2 million vehicles changed hands during the year, with 1.8 million transactions taking place in the fourth quarter, helped by a particularly strong October.

And if you bought a silver Ford Fiesta you’d better remember where you left it in the supermarket car park as they were the most popular model and colour with buyers. The pursuit of economy means that superminis accounted for more than 30% of purchases with the Fiesta topping the list; 381,519 were sold during the year, followed by the Ford Focus with 374,590 sales and Vauxhall Corsa (352,899).

Petrol continues to be the fuel of choice for 4.6 million buyers, but that’s a drop of 1.5% year on year as diesel and now alternatively fuelled vehicles increase their presence.

The SMMT’s chief executive, Mike Hawes, remarked: “On the back of a record 2016 for UK new car registrations, it’s further good news that our used car market is in such good health.

“Providing economic conditions remain stable and interest rates low, there’s no reason why we shouldn’t see growth in this sector continue in 2017.”