Used car sales plummet in Q3 2008

Mon, 15 Dec 2008
Sales of used cars during Q3 2008 plummeted to their lowest point since 1999, according to the latest statistics from Experian®, the global information services company.

Used car sales throughout Great Britain in July, August and September, were down by 7.7 per cent, compared to the same period in 2007. Sales of used cars reached their lowest point in Q3 1999 when they experienced a drop of 15.3 per cent.

Key changes in the used car market during Q3 2008, included:

· all major used car makes experiencing their biggest fall in sales compared to the last two years

· the used MPV segment being the only segment to see an increase in sales - up 6.5 per cent

· the used SUV segment seeing its biggest drop in sales - down 11.3 per cent

· the biggest fall in sales coming from the used luxury segment, down 15.1 per cent - the biggest drop it has seen since Q3 1999

· sales of used diesel cars falling by 4.1 per cent

· used hybrid and electric cars experiencing a continued increase in sales

· cars between three to six years old seeing the biggest drop in sales – down 10.3 per cent.

Kirk Fletcher, Managing Director of Experian’s Automotive division, said: “The criteria for choosing a car has changed significantly, with price consciousness now featuring heavily on the list for most consumers. As a result, the biggest
casualties in the used car market have been the more expensive to run vehicles, such as the luxury, executive and, in particular, SUV segments, which in the case of the latter had up until recently, seen a leap in sales.

"Our advice to dealers is to re-evaluate their stocking policies by using market insight to help them make better informed decisions. Feedback from our clients highlights the value of knowing what type of vehicle is selling the most in certain areas and using this information to review and manage their stocking policies. Experian’s MarketView Online has enabled our clients to do just that, by giving them greater insight into exactly what people are buying and where, to help them deliver sustained growth in the face of tough trading conditions.”

For further information on the range of services enabling dealers to assess the marketplace and their potential customers, reduce costs and manage risks, please call 0870 414 0310 or email automotive.enquiries@uk.experian.com

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