The Used Car Market
Market Size and Trends Between 1989 and 1999, total demand for used cars among households, businesses and other non-commercial organisations grew by just 1% in volume to an estimated 6.35 million units but increased in value by 50% to an estimated £30.39 billion. The number of units sold reached a peak in 1997 at 6.73 million units before falling in 1998 by 4% to 6.46 million units followed by a further fall in volume by 2% to an estimated 6.35 million units in 1999. The faster rate of growth in market value than market volume between 1989 and 1999, was due to an increase in used car unit values of 48% from £3,235 to £4,785. The fall in unit sales in 1998 and 1999 was largely accounted for by a decline in demand for older and lower value used cars. These are just some of the findings from MFBI’s new report on the used car market.
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