During the first quarter of 2017, second-hand car purchases set records in the UK, according to recently released information.
In addition, registrations for new vehicles also were the highest ever in the three months beginning 2017, indicating that more Brits are purchasing more vehicles than ever. This is despite the fact that car sales dropped in significant numbers in April 2017.
The Society of Motor Manufacturers and Traders (SMMT) indicated that this new turn of events can be attributed to the manufacturing of better cars; specifically, there are safer, much better equipped and newer motors to be found in the marketplace.
Another situation that has resulted from this huge bump in sales and registrations is the significant increase in financing to date in 2017 and experts are expressing concern that borrowing increases are cause for alarm.
There is also a record-setting 3.4 percent increase in a number of second-hand vehicles sold during this same quarter with SMMT reporting that 2,133,956 used cards being exchanged.
Also of interest is that the data showed that even though additional charges on diesel vehicles are pending, petrol is a less desired fuel with diesel still in more of a desire for drivers.
A significant 5.6 percent upsurge in the amount of exchanged used diesel cars took place at the beginning of 2017, whereas, second-hand petrol car sales rose by 1.6 percent.