Car buyers are selling their vehicle, on average, within 20 months of purchase, according to Tootle.
The company, which helps consumers sell their car to dealers, compared figures from 2016 and 2018, finding that the average length of car ownership has decreased by 16 months in that time.
In 2016, car buyers were keeping a vehicle for an average of 36 months.
Following the research, Tootle is launching a new comparison tool that enables consumers to compare offers from dealers and car buying service companies.
Amy Buckley, digital director of Tootle (pictured), said: “Our latest research has demonstrated that more and more consumers are selling their vehicles within a faster timeframe, where popular cars like the Ford Fiesta are not kept for lengthy periods of time. This could be due to the fact that more and more consumers are purchasing vehicles through PCP agreements, which naturally encourages individual’s to look for a new vehicle after a two or three-year period.”
“Tootle offers consumers a quick and reliable platform to sell their used vehicles to dealers, completely free of charge. In using the new comparison tool, this process will become even easier, enabling consumers to view and compare dealer bids and car buying service companies’ offers and location so that they receive the best possible price for their car at all times.”
Six well known UK operators, including We Want Any Car and The Car Buying Group, are already signed up to the comparison site, joining Tootle’s pre-vetted dealership network, which includes Sytner, Jardine Motors and Inchcape.
Gordon Tulloch, CEO of Tootle, added: “Tootle is very excited about the launch of our new buying comparison tool, and growing network of pre-vetted dealers and car buying service providers. As the consumer’s champion we aim to help individuals receive a fair price for their car, where we also operate in a premium market, regularly working with selling brands like Land Rover, Bentley and Mercedes Benz, in turn positioning our average vehicle selling fee as extremely competitive.”