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Record-breaking used car market hits 4.1 million in first half of 2016

Tuesday 23 August 2016, By AutoVolo

Record-breaking used car market hits 4.1 million in first half of 2016

Record-breaking used car market hits 4.1 million in first half of 2016

The number of used cars bought in the UK over the first half of this year has broken records, figures released by the Society of Motor Manufacturers and Traders (SMMT) have revealed.

A growth in the market of 7.9 per cent was seen, with 4.1 million used vehicles bought in the UK.

It’s the very first time that more than four million second-hand vehicles have changed hands during the first six months of a year.

Mike Hawes, SMMT chief executive, said: “The UK’s used car market is at its strongest ever, and that’s great news for buyers spoilt for choice with the latest advanced vehicle technology and attractive financing options.

“The growth in the used car market has reflected the record demand for new cars in recent years, but future growth in high cost purchases will depend on stable consumer and business confidence.”

April saw the strongest sales figures, with the March plate change bringing with it higher levels of stock – though these led to 760,000 sales. The highest share of sales went to south-east England, accounting for 14 per cent of all used sales.

In the new car market, superminis saw the most popularity – these made up more than a third (33.9 per cent) of transactions. Family hatchbacks made up 27.2 per cent.

The Ford Focus, Vauxhall Corsa, Volkswagen Golf and Ford Fiesta were revealed to be the most popular cars. London buyers favoured the Focus, while those in Cardiff and Belfast were found to be more likely to purchase the Corsa or Fiesta.

The most popular colour in the used car market during the same period was black, with more than 560,000 units sold in that shade.