Used car retailers are seeing a surge in demand for older cars following the lockdown.
Online car supermarket BuyaCar.co.uk said that four-year-old cars are now the site’s most popular option for the first time.
While many drivers are finding suitable cars on their budget by choosing a slightly older model, average sale prices are still rising due to a surge in demand for higher end sporty and luxury cars.
Auto Trader, which currently has 430,000 cars listed online said the used car market in Q3 was performing strongly following a dire first half.
“With the majority of Q2 under lockdown conditions and all but a few retailers unable to sell in a meaningful way, it’s little surprise to see such a significant decline in used car sales.
“Over the full year, we almost certainly won’t make up for all the weeks of lost sales, however, from what we’re observing on our marketplace and what we’re being told by our customers, Q3 is tracking ahead of the same period last year and is likely to finish that way,” said Auto Trader commercial director Ian Plummer.
Buyacar said that while online car sellers continued to operate after March 23rd – when the UK lockdown was introduced – the majority of car-buyers waited until car dealerships reopened on June 1st, releasing a flood of pent-up demand.
That demand shows no sign of subsiding, with BuyaCar.co.uk selling more cars in July than in any other month in the company’s history and August seeing average prices paid reaching a new record.
And as used car prices rise in general, in the post-lockdown sales surge, many motorists have been switching to four-year-old cars to stay within their intended budget. Usually the most popular age for a car sold on BuyaCar.co.uk is three years, but the first half of August saw slightly older cars become most popular for the first time.