Despite an unprecedented period of growth for the new car market in the United Kingdom, the used car market has consistently been more valuable with a much higher number of vehicles sold. In reality, it may take a few years for the renewed growth of the new car market to have an effect on the used car market, as most people are still reeling from the recession and a lower number of used cars are entering the market than in previous years. This has also had an effect on the average age of cars in the country which has been increasing in the last few years. However since 2010, the number of very old used cars being sold has slowly been decreasing while there has been an increase in the number of cars aged two or less being sold second-hand by dealers.
Many customers are reporting not being able to afford to buy a new car and due to financial restrictions have turned to used car dealers where they think they can get more for their money or find a good deal. The option of trading in an old car is also appealing to many. Price was, unsurprisingly, the most important factor for those buying a used car.
While an increasing number of car buyers are choosing to buy new cars, often seen as a way of lowering maintenance costs of older vehicles, the majority still prefer to buy second-hand in order to keep their own expenses down.
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