The second hand car market is riding the storm well according to some big names in the car auction industry. This is in stark contrast to the new car market which has had a hole its hull for while and is sinking beneath the waves.
The new car market is clearly not in a good way. Car retailers are having to make large portions of their workforce redundant due to a drop in demand and subsequent slow down of production. The luxury car market has also been hit, with Bentley announcing job losses last month. Official figures show a 30.9% fall in new car registrations in January as compared to the previous year according to the Society of Motor Manufactures. This happens to be the largest slump since the mid 70’s and the way things are going, no one would bet on an upturn for a while. 2012 has been the date suggested by many industry names that the new car market will see any increase in revenue.
There has been better news in the second hand market, with the two big players in the auction world, Manheim and BCA reporting that sales have been getting better week on week. BCA announced that there were more sales of Cars and vans in January this year than any year previous and the vehicle prices have risen for three months on the trot. They estimate an average of rise of £300 on last year.
Van leasing and car leasing is also on the up it seems as the major leasers are reporting improving numbers this year. This is likely being caused by people leasing their vehicles rather than committing to a buy during this ecomonic low point. Out of all the countries in the UK car leasing in Cardiff has seen the biggest boost.
online casinoWholesale van prices increased by around £140 according to the other big name in the auction industry – Manheim. The increase marks the first upturn since last year’s September. Cars with 4-wheel-drive have seen the best improvements in sales, with 6 consecutive months of increase.
