A lack of supply of good quality 2-5 year old used cars is a significant concern for the UK motor industry, according to the BCA Used Car Report.
Since the 2008 economic crash, around 500,000 fewer new cars have been sold each year and industry forecasts suggest this pattern is unlikely to change before 2012.
As the BCA Used Car Market Report points out, you cannot remove over two million new car sales from the used car supply chain without creating waves in the marketplace.
While the number of cars in the car parc will remain around 30 million units for the foreseeable future, the parc is ageing rapidly and ‘younger’ used cars will become an increasingly scarce commodity.
“The simple fact is the UK car parc is getting older, as fewer new cars are sold and both motorists and businesses have held onto their vehicles for longer” said Tony Gannon, communications director, BCA.
“The average age of cars on UK roads rose in 2010 to 7.25 years, which is a 14 year high. The trend for older cars is rising and we believe this could continue for several years to come,” he said.
Filed UnderIndustry News,Latest News Tagged Withused cars
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