Automotive data provider cap hpi has predicted record used car sales for 2016, following strong demand throughout the year.
Cap hpi stated that they expected the used car market to have exceeded 7.7m vehicles sold in 2016, 500,000 more than in 2015, and potentially even beating the 2004 previous record of 7,731,609 vehicles.
James Dower, senior editor Black Book at cap hpi, said: “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.”
In December 2016, cap hpi reported strong used values with an average decline of 1.6% at 3 years and 60,000 miles, for a modest improvement on the 1.8% price reduction seen at the same point in 2015.