Lately the sales of new cars have started to lag, while the sales of used cars are booming. This year, for the first time in six years, first quarter car sales fell below three million units in the USA, and this trend has been echoed across the world. These days, the used car market is actually bigger than the new car market. Although this has car manufacturers a little concerned, in many ways it’s great for the consumer. Here is why the used car market is booming at the moment…
Used Cars Are More Inexpensive
If you want to be thrifty and save some money, a used car is absolutely the way to go. Brand new cars depreciate hugely in value, so if you want to sell a brand new car after a few years, you will be getting considerably less than what you paid for it.
Vertu Motors Plc (LON:VTU) operates as an automotive retailer in the United Kingdom. The company sells used cars, motorcycles, commercial vehicles, and new vehicles, as well as provides related aftersales services. It operates a chain of franchised motor dealerships including Vertu Volkswagen.