The number of used cars sold in 2016 is believed to have hit 7.7 million – making it the most successful year for the used car market since 2004.
The data comes from expert Cap HPI, which says the used car market is set to exceed last year’s figure of 7.2 million and equal the previous record of 7,731,609 vehicles, set in 2004.
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Commenting on the findings, Cap HPI’s Black Book senior editor, James Dower, said: “Strong demand has characterised the 2016 market. It has led to stable used values and supported strong results for the industry’s retailers.
“It looks like 2016 will beat a strong 2015 and the previous record of 2004. While 2017 isn’t without its challenges, motor retail is in great shape heading into the new year.”
Used car values are also strong, says the company, with electric vehicles putting in a particularly strong show on the used market. The Nissan Leaf showed values increase by 2.7% at one year, 10,000 miles, compared to a year before.
Hybrid sales are also buoyant – with values increasing by 2.7% after three years and 60,000 miles compared to 2015.