Fleet News

Used car market set for a record year, says Cap HPI

used cars sign

Sales of second-hand cars could reach record numbers this year due to high demand in the first half of 2017, according to Cap HPI.

Used car sales set a new record in March with 728,525 changing hands - 6% up on the same month in 2016. It is only the second time since 2004 that the used market has passed 700,000 vehicles in March. 

Total used volumes passed 3.3 million between January and the end of June, an increase of 0.1% on 2016.

Philip Nothard, consumer and retail specialist for Cap HPI, said: “Motor retailers are increasingly turning to used vehicles to support margins. To date, strong demand has helped to support stable prices in 2017. If the current trend continues, we will see a record year for used car sales.” 

The used market exceeded 7.7m vehicles in 2016, beating the 2015 figure of 7.2m and the previous 2004 record of 7,731,609 vehicles.

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