Recession Benefits Used Cars Sales

Oh it’s so doom and gloom out there for car sales, isn’t it? Actually, no. It’s not. Amercian Express Insurance Services have found some nifty research that says that while new car sales are down, people are still after new motors as there’s a growing trend to buy used cars instead.

The study shows that there’s been an incease from 22%-41% in the number of people planning on buying a second hand car over three years old during the last year. Meanwhile those considering a used car under three years old has decreased from 48% to 35%. 

Why? Surely it has something to do with the lack of credit available now. Yes there’s lots of offers and financing available but how many people are actually able to quailify for it. It makes sense then that bargains are sought out and used cars are now the order of the day.

Seems like keeping up with the neighbours isn’t the most important thing when it comes to car buying. It’s the need to get a good deal at a good price and, lets face it, buying a car that’s over three years old is far from buying a banger.  

There’s other costs to consider too. The joy of second hand cars, in my own humble, is that you’re not buying something that looses half it’s value the instant you roll it off the forecourt. Plus, I a was always of the idea that when by the time a car’s been on the road for three years, it will have already had a lot of servicing and work carried out on it so you know you’re getting something reliable.

Though, on a final note, I’ll be interested to see if the Scrappage Scheme has any impact on these stats, will the prospect of £2k toward it make buying a new car as attractive a saving as a used?

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