Sales of used cars during Q3 2008 fell to their lowest point since 1999, according to the latest statistics from Experian, the global information services company.
Used car sales throughout the UK in July, August and September, were down by 7.7%, compared to the same period in 2007.
Sales of used cars reached their lowest point in Q3 1999 when they experienced a drop of 15.3%.
To view the full table of used car sales figures for Q3 click here.
Key changes in the used car market during Q3 2008, included:
• All major used car makes experiencing their biggest fall in sales compared to the last two years
• The used MPV segment being the only segment to see an increase in sales - up 6.5%
• The used SUV segment seeing its biggest drop in sales - down 11.3%
• The biggest fall in sales coming from the used luxury segment, down 15.1% - the biggest drop it has seen since Q3 1999
• Sales of used diesel cars falling by 4.1%
• Used hybrid and electric cars experiencing a continued increase in sales
• Cars between three to six years old seeing the biggest drop in sales – down 10.3%.
Kirk Fletcher, managing director of Experian’s automotive division, said: “The criteria for choosing a car has changed significantly, with price consciousness now featuring heavily on the list for most consumers.
“As a result, the biggest casualties in the used car market have been the more expensive to run vehicles, such as the luxury, executive and, in particular, SUV segments, which in the case of the latter had up until recently, seen a leap in sales.”
Fletcher advised dealers to re-evaluate their stocking policies by using market insight to help them make better informed decisions.