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Automotive News and Press Releases
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Research proves high cost of borrowing is stopping recovery: Car loan costs have almost doubled since The Crash
The soaring cost of consumer borrowing in spite of falling interest rates in the broader economy is making recovery impossible. Trend Tracker’s latest analysis of the used car market shows a prime example of a consumer sector which has suffered greatly, partly thanks to a fall in real household incomes and higher living costs, but more importantly as a result of the increased cost and reduced availability of credit. As with sales of new cars, used car sales fell from a peak of 7.73 million in 2004 to a low of 6.77 million in 2011 and are forecast to remain largely flat in 2012 at 6.76 million. Although sales are forecast to reach 7.27 million by 2017 as the economy slowly recovers, they will still be 6% below their 2004 peak.
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Used car buyers want smaller cars, in a smaller market
The Future of the Used Car Market in Great Britain 20012-2017, the latest report from automotive research firm Trend Tracker, confirms that after the recession the UK’s used car market was only slightly bigger at 6.77 million units in 2011 than the 6.75 million of a decade earlier.
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Continued attrition forecast for used car retailers
The latest report from Trend Tracker - The Future of the Used Car Market in Great Britain, 2012 to 2017 - confirms that demand for used cars has been depressed since the beginning of the recent recession in 2008. No more used cars were sold in 2011 – 6.8 million units – than 10 years earlier in 2001.
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Used car market recovery forecast from 2013
The latest report from Trend Tracker - The Future of the Used Car Market in Great Britain, 2012 to 2017 - confirms that volume demand for used cars has been depressed since the onset of recession in 2008. Used car sales in 2008 were 4% lower than 2007, and declined by a further 5% in 2009, remaining at around this level in 2010 and 2011. In fact, no more used cars were sold in 2011 than 10 years earlier in 2001.