Second Hand Car Sales On The Up

Further drops in the production and sales of new cars are being reported all over the news, but the same is not so true for second hand cars. Some of the biggest names in the industry report healthy figures.

There is no arguing with the fact that the new car market is suffering. Redundancies have been announced at 70% of the major car manufactures as the supply and demand cycle grinds to a crawl. The prestigious national icon Bentley have announced redundancies last month. This move is clear evidence that it is not only bottom level car manufacturers seeing dwindling sales. Official figures show a 30.9% reduction in new car registrations in January as compared to the year previous according to the Society of Motor Manufactures. This drop is said to be the largest of its kind for over 30 years and the direction shows no signs of changing soon. 2012 has been the date suggested by many industry names that the new car market will see any increase in revenue.

The market for second hand card has not been hit so hard, in fact there have been suggestions that numbers are healthy. Two of the countries most well know auction houses, Manheim and BCA have come forward to state that they have seem some record numbers of cars being put up for bidding. BCA said that more cars and vans were sold throughout January 2009 than any previous year and cost of vehicles has risen for the last 3 months. A £300 average rise on last years figures have been estimated.

Van leasing and car leasing is also on the up it seems as the major leasers are reporting improving numbers this year. This is a likely result of people choosing to lease their vehicles during this economic downturn rather than commit to purchasing them outright. Out of all the countries in the UK car leasing in Cardiff has seen the biggest boost.

Last september was the last time that wholesale van prices saw an increase, but Manheim, the auction giant stated that numbers where up by £140 this month suggesting this market is doing well. Vehicles with four-wheel-drive have witnessed the most improved sales, with 6 months of increased sale figures in a row.