In these difficult financial times it’s sometimes hard to get an accurate picture of how the new and used car market is doing. Different areas and different markets report different things, well, differently – if you see what I mean. Sellers of new cars will, of course, be talking up the benefits of buying the latest models and there are certainly some good deals to be had out there as dealers struggle to meet targets. It has been reported that since the economic meltdown of 2008 sales of new cars have plummeted and, looking at the way things are going just now, are not likely to get back to pre – bank crash numbers any time soon.
According to data from trade sources the trend seems to be towards a strengthening used car market as drivers cut back on new purchases and the supply of good quality used car stock dries up; because when fewer new cars are being sold there are less trade-ins to stock the forecourts. So although the retail value of used cars has dropped in recent years the result of a smaller second hand stock will see used prices rise – at least in the small car sector as buyers downsize – and we’ll see the used car market begin to help drive the recovery of the motor trade.
At least there’s one piece of good news for buyers in the market for a used car bargain. These days, it seems, there are no bad cars. Some, clearly are better than others but whatever your budget there’s sure to be the right car for you. According to data the most sought after car is the Ford Fiesta. This comes as no surprise as What Car magazine officially pronounced it to be the Britain’s favourite supermini. The trend definitely seems to be away from thirsty performance cars as motorists discover that driving can still be fun at the budget end of the market. The best used cars in this sector include Fiat’s funky Panda – due for an upgrade in 2012 – and Volkswagens evergreen Polo.
For the small family, the all conquering Focus has been usurped by, despite it’s name, the rather good Nissan Qashqai. It’s a great alternative to the usual family hatch and offers a pleasing drive. Moving on up, as ever, King Mondeo rules in the bigger family sector. It’s pretty amazing that with this now rather venerable name Ford can continue to conjure up a fresh take on the model and this in a sector overflowing with highly regarded cars.
For many buyers the ‘green’ credentials of a car are of increasing importance. British buyers are not flocking to get on the electric band wagon just yet especially when there are tried and tested models designed to be as frugal as possible and the market leader is probably the VW Golf TDi. The 60+ economy coupled with decent performance and a mere £30 on Road Tax, it tops even the Toyota Prius for desirability in this sector.
There’s no doubt about it. With that first big hit of depreciation out of the way coupled with the longevity and reliability of 21st Century motors, buying a used car is, for many, the only way to keep on motoring.
Did you know?
As used cars are much cheaper they are often bought by younger drivers. If you’re a new driver and require young driver car insurance then visit Endsleigh online and get the best quote on your insurance policy.