I don’t know about you, but I’ve noticed one thing when browsing classifieds sites. There appears to be more used cars for sale than there were say five years ago!
I know that there will always be thousands of secondhand vehicles advertised at any one time. But, it seems that there are plenty of choices around. Even if you’re after a limited edition model.
Curious, I decided to do some research on the subject. It turns out that the reasons are both surprising and startling! Today I will share my findings with you:
People are buying more used cars since the recession
There’s no denying that the global economic crisis of the last decade hit many people hard. Us Brits also had to contend with a recession here in the UK too.
As you can imagine, people weren’t too keen on the idea of buying a car. That’s because they were fearful they could lose their jobs at any point!
The good news, at least for the motor industry, is that people are spending money again. Enterprise, in general is also improving, and so is job security. As we’re all now beginning to prosper again, we can afford to go out and buy cars.
It’s cheaper to trade up to a brand new car
There’s no denying that there are plenty of tempting deals on offer for new cars these days. One can take advantage of offers like 0% finance, deposit allowance and more. Some finance deals even include free servicing and insurance on select vehicles as well!
Because of those mouthwatering deals, more of us are selling our cars and upgrading to shiny new ones. I must admit; I am one such example of a motorist that’s done that! Only last month, I decided to sell my car with AutoTrader and use the money towards a brand new vehicle.
Years ago, tempting finance and servicing deals were seldom on the table. Getting a brand new car got seen as a luxury rather than something we could all consider.
People are changing their cars more often
At the end of a three-year lease deal, consumers will usually opt to get another brand new car. When dealers take their “old” cars back, they go on sale on the used car market.
As you can imagine, with more people getting leases on new cars these days, there are more used cars for sale.
There are more people driving on Britain’s roads
It’s no secret that our population is growing at a phenomenal rate each year.
As a result, more people are getting behind the wheel of a car. As you can appreciate, those folks will buy and sell cars all the time. That’s part of the reason why you’ll see more used vehicles on the market these days.
Final thoughts
From looking at the points above, there are various reasons for the increased number of used cars. Judging by the rate of growth, it looks likely that we’ll see even more used vehicles on the market soon!
