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Used car sales fall in Q2

Used car sales fell by 6.6% during April to June this year which was the greatest decline in used car sales volumes this decade.

The figures come from Experian’s latest statistics which show that in comparison to January to March this year, used car sales fell by 1.1% – representing the first decline from Q1 to Q2 since the beginning of the decade.

The biggest casualty in Q2 was the used mini segment (down 12.4% year-on-year).

With the scrappage scheme attracting car buyers to small cars in the new car sector, it has been at the cost of small car sales in the used car sector.

A key highlight during Q2 was the leap in sales in the used sports segment (up 6% on Q2 2008 and up 19.5% compared to Q1 2009), prompted by the prospect of a hot summer.

Despite a drop in overall volume, Experian has said dealers are reporting stable profits due to the stability of used car values.

Mark Nuttall, general manager of Experian’s Automotive business, said: “Although used car sales fell in Q2, used car values have been at their strongest and are likely to remain buoyant over the next couple of years.

“This should help offset some of the decline in volumes. This has been confirmed by dealer feedback that strong used car values have helped profits either increase or remain stable, despite the fall in sales.”
 

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