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Marshall Motor Holdings Plc

Money-savvy buyers shun new cars for cheaper second-hand alternatives

Drivers are turning their backs on factory-fresh new cars in favour of buying cheaper, second-hand alternatives.

Half-year results show a 3.4 per cent fall in registrations, with 44,000 fewer new cars being sold compared to 2018.

“The recent popularity of PCP loans has injected a large number of nearly new cars into the second hand market, encouraging some people to buy used instead of new,” said James Fairclough, CEO of AA Cars.

“This shift has been good news for the used car market, which saw sales hold steady in the first quarter of the year, with a modest drop of 0.6 per cent.”

Marshall Motor Holdings PLC (LON:MMH) is the 7th largest motor dealer group in the UK. Since 2008, 86 franchises have been added and 36 non-core or loss making operations have left the portfolio.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.