Several Scottish cities come top in providing used car finance, a recent survey shows, with Aberdeen in the top five UK-wide
According to research from Volkswagen Financial Services UK (VWFS), the used car finance capitals of the UK put Dunfermline in the number three spot and Aberdeen in fifth place behind Crawley (first), Croydon (second) and Slough (fourth).
Aberdeen sales reflecting current demand for used cars
Cities that have seen the biggest annual growth in the number of used cars being sold include Glasgow in third place, with Coventry and Southampton in first and second respectively.
Meanwhile, the increased interest in electric vehicles is being seen in the used car market, with VWFS seeing the number of used EVs financed increase 76% from 2020 to 2021, while petrol and diesel cars have fallen 23% and 37%.
The used car market in the UK has never been as buoyant as it is right now
The news comes as the used car market is seeing a boom in demand and therefore an increase in prices. This has been caused by a shortage of semiconductor computer chips – used in the production of new cars – leading to huge delays in deliveries and driving buyers to the used market.
Mike Todd, CEO at Volkswagen Financial Services UK, said: “The used car market in the UK has never been as buoyant as it is right now with supply shortages continuing to affect the new car market and it’s encouraging to see that so many young people are interested in driving used models.
Data shows over 2.1 million vehicles changed hands
“Used cars are typically much cheaper to buy than new cars, and there are usually shorter wait times once you’ve chosen the vehicle you want, so there are plenty of advantages to going down the used route.”
The latest data from industry body the Society of Motor Manufacturers and Traders shows that the used car market grew 108.6% in the second quarter of 2021, with more than 2.1 million vehicles changing hands.