The used car market has witnessed a significant uptick in demand over the past year.
This increased demand has been caused by a global chip shortage, which has crippled car production lines and resulted in customers experiencing lengthy delays in receiving the new vehicles they ordered. As a result, many of those looking to buy a car have turned to the second-hand market.
In this article, I’ll tell you the used car models that Brits have been buying the most and also give you some tips on how to save money when buying a used car.
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What has happened to the used car market in the past year?
According to new figures from the Society of Motor Manufacturers and Traders (SMMT), used car sales increased 11.5% in 2021 as a global chip shortage affected new car sales.
The data shows that a total of 7,530,956 used cars were sold in the UK last year, up from 6,752,959 in 2020. Despite this growth, the sales figures for 2021 are still 5.5% below the pre-pandemic five-year average.
Other key statistics from the used card market worth mentioning are:
- Sales of used petrol and diesel cars rose by 10.7% and 9.8% respectively last year.
- Demand for used battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) hit new record levels, rising by 119.2% and 75.6%, respectively.
- Hybrid electric vehicle (HEV) sales increased by 50.3%.
What are the most popular used cars?
The data shows that the Ford Fiesta is the top dog. It was the best-selling used car in the UK in 2021, with a total of 326,346 transactions. It was followed by the Vauxhall Corsa with 262,488 transactions and the Ford Focus with 251,265 transactions.
Here’s the complete list of the top 10 most-sold used cars in 2021.
|
Rank |
Model |
Number of sales |
|
1 |
Ford Fiesta |
326,436 |
|
2 |
Vauxhall Corsa |
262,448 |
|
3 |
Ford Focus |
251,265 |
|
4 |
Volkswagen Golf |
247,919 |
|
5 |
Vauxhall Astra |
200,911 |
|
6 |
BMW 3 Series |
175,190 |
|
7 |
MINI |
167,828 |
|
8 |
Volkswagen Polo |
147,372 |
|
9 |
Audi A3 |
122,856 |
|
10 |
BMW 1 Series |
122,840 |
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How can you save when buying a used car?
Not surprisingly, the surge in demand for used cars has resulted in a sharp spike in used car prices.
Figures from Auto Trader show that used car prices rose by almost a third (30.5%) in December 2021 on a year-on-year and like-for-like basis.
So, if you are in the market for a used car, how can you save money on your purchase? Here are a few helpful tips.
1. Do your homework
Go to the dealership or meeting with the seller armed with as much information as possible about the vehicle you’re interested in. That means doing your homework beforehand on things like the car’s features, reliability and pricing.
Being knowledgeable about all of these things can help you stay in control during negotiations and recognise when you’ve got a good deal.
2. Set a budget and stick to it
Having a specific maximum figure in mind can help ensure that you don’t overspend on the car.
However, you don’t need to mention your maximum budget to the dealer or seller, as it could actually put you at a disadvantage. For example, if the listed price is close to the highest amount you’re willing to spend, it may be harder to negotiate a lower price since the dealer or seller already knows you can afford more.
3. Skip the popular car models
The more popular a model is, the higher the likelihood that you will have to pay a premium for it. Going for less popular models could end up saving you money.
4. Opt for discontinued models
Occasionally, carmakers will discontinue the production of a particular model for a wide variety of reasons. That doesn’t mean that these models aren’t worth considering when shopping for a used car.
If you are not fussed about a particular model not being in production anymore, opting for one could actually save you a significant amount of cash. It’s not uncommon for dealers to price down these models in order to get them off their forecourts faster and make room for newer models.
But what about parts?
Well, the good news is that most manufacturers will continue creating parts for particular models for years after they go out of production. Third parties will routinely make car parts too. In a nutshell, parts should not be a major issue of concern.
Final word
When purchasing a new car, don’t forget to consider the total costs of ownership. For example, before you buy, try to get an insurance quote first. Otherwise, you risk purchasing a car model that is far out of your price range.
