Second quarter used car volumes hit their lowest point since 2005, according to the Used Car Index published by Experian Automotive, while both HP and PCP for second-hand vehicles saw dips in penetration.
A total of 1,726,627 used cars were sold in Q2, a 2% drop year-on-year. Sales in all segments were down except 4x4s, which was up by almost 5%, and the supermini segment, the largest used car segment, which was up by 0.75%.
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HP for the quarter was down by 4.5% year-on-year and down by 2.6% compared to Q1. PCP was up, year-on-year, by 2.06% but down, quarter-on-quarter, by 2.4%.
Andrew Ballard, principal consultant at Experian Automotive told Motor Finance: The figures remain relatively consistent, however they do show a slight move away from HP towards PCP overall, but HP still remains the finance method of choice for used cars.
According to the index, the Ford Focus remained the most-purchased used car, with the brands Fiesta model moving up to second (from third in Q1). The Mondeo and the Ka gave the brand four places in the top 10.
The Vauxhall Corsa slipped from second to third, while the Astra remained fourth, although the brand and models topped many finance brokers lists of the cars with most requested finance at the turn of the year.
richard.brown@vrlfinancialnews.com
