The used car market declined by just 0.7% so far in 2017, amended figures have shown - significantly less than the 5.1% year-to-date decline reported earlier this month.
The Society of Motor Manufacturers and Traders issued miscalculated numbers for the second quarter of this year that suggested used car transactions had slumped by 13.5% from the same period in 2016; a drop of nearly 300,000 transactions.
But the organisation said an algorithm issue meant the numbers were wrong. New statistics show that the market actually remained steady.
This mirrored the new car market, where output has remained strong despite fears of economic uncertaity hampering demand.
SMMT chief executive Mike Hawes has been placing pressure on the Government to ensure that a good Brexit deal is made to secure continued success.
“Although the market remains at an exceptionally high level, given the softening we’ve seen in registrations of new cars in more recent months, looking ahead it is vital that the Government secures the conditions that will maintain consumer and business confidence if we are to see both markets continue to prosper," he said.
The top ten used cars in the second quarter of 2017 are:
1 Ford Fiesta - 83,222 sales
2 Ford Focus - 74,477 sales
3 Vauxhall Corsa - 72,341 sales
4 Vauxhall Astra - 65,186 sales
5 Volkswagen Golf - 54,773 sales
6 BMW 3 Series - 44,798 sales
7 Mini - 32,914 sales
8 Renault Clio - 32,118 sales
9 Volkswagen Polo - 31,855 sales
10 Audi A3 - 21,644 sales
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So...
So despite all the crass comments on it being due to Brexit, it was all an algorithm!
Lies, damn lies and statistics
SMMT being their usual selves. It appears that rather than than admitting they wanted it to be Brexit, and didn't check their numbers, they conveniently blame it on an algorithm. Which is probably nonsense. An algorithm is a tool. It's the statistician (using the wrong tool), input data bias or the interpretation of the results (wishful thinking) that is generally to blame. I know where I see this one.
Does this really matter?
I can see that the used car market is sort of linked to the new car market with every new car becoming a used one (sometimes without ever finding a genuine new car customer if it's been pre-registered), but increased numbers could simply mean that cars are lasting longer, or people are beccoming increasingly dissatisfied with the cars they've bought and are keeping them for a shorter period. I suppose that the only good thing is that the more used models sold, the greater the profit for dealers.
Usual smmt whining possibly?
Or 1/2 reporting by autocar. I need to have a look at exactly what the smmt said, but it is hard to see why massive oversupply, crap deals (2nd hand car finance is rubbish compared to PCp) Etc etc, are more to blame than anything else. If a second hand car @ £30k costs you £500pcm with £10k down over 4 years, and a PCM can get you a new £50k car for the same numbers, well, you can understand why sh cars less attractive. Then a glut of cars as pcp deals get rolled into new cars 2017,18, but still pcp cheaper.
sub-prime adds to this impending issue. At some stage....the house of cards falls.