Scottish car buyers gravitating towards used vehicles
Scottish used car sales surpass 338,000 in first half of 2016 – nearly 50,000 more than sold in the first half of 2014.
Figures obtained exclusively by Close Brothers Motor Finance suggest that the used vehicle market in Scotland is experiencing a boom, just as statistics suggest the new car market in the country is cooling down.
The statistics from the Society of Motor Manufacturers & Traders, show 338,862 used cars were sold in Scotland during the first half of 2016, a 15% increase from first half figures for 2014 .
Matt Maley, Sales Manager at Close Brothers Motor Finance Scotland, comments on the expansion in the Scottish used car market. “In the first half of 2014, there were just over 292,000 used car sales in Scotland. Fast forward to the first half of 2016 and we’re seeing a 15% percent increase in those numbers. It is interesting to contrast this with the new vehicle market, which in Scotland has seen modest year-on-year growth of 0.9% against 2.8% growth for the rest of the UK. This slowdown could be partly attributed to a shift by consumers towards the used car sector, with many now starting to gravitate to well-priced ‘nearly-new’ stock. The trend could well continue in the coming months, as manufacturers reduce the number of subsidised finance offers available, and uncertainty about the wider economy post referendum continues.
“The growing used car market is one of the reasons why is it a good time to be running a Scottish dealership, and is one of the many reasons why the Scottish market plays an integral part in our business plans. We have been active in the Scottish market for over 15 years, and we have recently expanded our dedicated Scottish team to give us even more scope to support local dealers with their business development. Through our distinctive dealer funding proposition and knowledge of the market, we are helping more Scottish dealerships grow their business so they can cater to an increasingly diverse customer base’s specific vehicle and financing requirements.”
Figures obtained from
http://www.am-online.com/used-car-sales-figures/ combining Q1 and Q2 used car sales