Review of UK used car Market 2011-2012

Last year, the overall value of UK used car sales reached a recorded breaking of 35 Billion Euro Dollar. United Kingdom’s motor industry continues to show signs of recovery in the year 2010-2011. The information released by the BCA (researched and written by Prof. Peter Cooke) on Used Car Market, 2011 shows that compared to 2009, an extra Two hundred & Seventy Thousand cars were sold. These extra sales generated extra 800 million Euros. rnBoth the dealers & private used car sellers did fairly well in 2010-2011. The dealer’s sale was picking up at 3.9% (3.7 million units). The private sectors sale volume was high as 10.8% (2.46 million units). In this period, the UK Used Car Market sold more than 6 million units of car. The report of Prof. Peter Cooke shows that the United Kingdom Car Industry is ageing as demand for new model car has dropped. This happed because of the 2008 economy crash. This report also identifies that the average price of used car selling slipped. It slipped from 5,422 Euro (2009) to 5,332 Euro (2010). This figure reflects the change demands and supply of UK’s Car Market. Based on Prof. Peter Cooke’s report & figure, the 6 to 8 years old used car sale rose to 4.3% last year. The sales of the 0-2 year’s old used car fall back at 6.9%. This resulted in reduced the used car market share for 1 to 2 years old used cars. The sales of 3-5 years old used cars were down as 2.3% (1.8 million). The mighty gainer was 6 to 8 years old cars, and they dominated the used car market sales throughout the year. Prof. Peter Cooke’s report hints that the UK used car industry lacks good quality (also quantity) of 1 to 2 & 5 years old used car. United Kingdom’s K motor industry is very concern about the small supply of 2 to 5 years old used car. Since the financial crash of 2008, somewhat 500,000 new cars were sold each year. Forecasts suggest that, this figure of yearly sale will not be change before 2012. BCA report of Prof. Peter Cooke points out that, many steps needs to be taken for transferring the two million sales of used car sales figure to new cars Sales market. At the moment, the market demand favors used car sales. The current analysis and forecast indicates that the used car sale will remain near 30 million units. Throughout this period, the younger used car (0-2 years old) will be short in supply and their price may go up as supply shortens. Meantime, the trend and demand for older car is rising, and the price will continue to increase as each year passes. rnSummary of this report is the UK used car marketplace has the potential for giving profit to Sellers and Buyers with used cars in the coming years. The expectation of making a profit both for the used car Sellers and Buyers is high for the year 2012.