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Experian downbeat on second hand car sector

Used car owners hoping to sell their motor on - and perhaps pay the rest of their car loan off with the proceeds - could face tough market conditions this year.

Information providers Experian cited recent figures, showing a 2.4 per cent drop in sales for the cars last year, as evidence of a slowing market.

A slowing economy, apparently caused by the credit crunch, coupled with rising inflation for utilities and goods could be a major factor in so called "big ticket" buys this year.

Kirk Fletcher, managing director of Experian’s Automotive division, said: "A slow housing market and the squeeze on spending have left consumer confidence low and this, in turn, hit the used car sector hard last year.

"However, the new car market is particularly competitive at the moment, with manufacturers launching new models and marketing them fiercely."

She added: "Topped with discounts and promotions, used car dealers are having to work harder to attract customers who are seeing the value of buying a new car over a used one."

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