With drivers face waiting times of up to a year for a new car, used car sales are continuing to rise as research shows that 82% percent of all car sales in 2021 were used vehicles.
According to data from Tradesure Insurance, over 7.5 million used cars were sold last year, compared to just 1.6 million new cars.
In the last month alone, over 243,000 Google searches in the UK included the term ‘used cars’.
Interest in used electric vehicles is also on the rise with searches surging by 387% in the past month.
Petrol and EV cars see boost in buyer interest
Selling as fast as petrol and diesel cars in April 2022, motoring experts say that both petrol/diesel cars and used EVs are worth the investment – and have urged drivers to sell vehicles now to take advantage of the buoyant market.
Andy McDonald, underwriting and product development manager at Tradesure Insurance, said: “The used car market is absolutely booming right now and isn’t showing signs of slowing down.
“The good news is that a decent second-hand car, well looked after, can stand you in good stead for years to come and not break the bank or depreciate steeply like a new motor.”
He added: “Looking for cars that are around five years old as they are less likely to need expensive replacements at this age, and look for a mileage of 80-100k.”
EV choice becoming easier for drivers
In addition to the overall increase in used cars, research from Indicata Market Watch indicates that used EV sales are now matching sales of diesel and petrol vehicles, with a 68% increase in sales reported for April 2022.
Chris Butterworth, a sustainability-driven design technologist and strategist at Yard,
said: “While battery technologies aren’t quite there yet when it comes to range in comparison to a combustion engine, having the average journey a lot shorter means that it becomes easier to adopt, especially with new legislation for newly built homes to have an EV charging point fitted as standard.
“The rise in EV car sales lines up nicely with the fact that more cities up and down the UK have plans to implement low emission zones over the coming months, which means that drivers will see more potential savings when making their daily commute.”
Boost in online sales
Other research has shown that more drivers are turning to online market places such as eBay to find used cars. A spokesperson for CarMats.co.uk, who carried out the research, said: “With fewer new cars available, many people have taken to eBay and second-hand apps to purchase a used car and reduce their wait time.
“Ultimately, this has caused a rise in used car costs, making now the perfect time to sell your old car.”
The Vauxhall Corsa was the most popular used car sold in 2021 and in 2022 so far, with Volkswagen, Audi, BMW, Ford and Toyota topping the list for the most used car sales in 2021.
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