More than a third of the cars sold in Britain are now older than 25 years old, new car buyers are buying more cars than they did a decade ago, and older cars are seeing an increase in sales of cars they’ve been holding onto.
In fact, the number of older cars sold has risen to a five-year high, according to a new study by consultancy company Bespoke Investment Group.
That is despite the fact that sales of new cars in the UK are down.
The findings, published on Monday, also show that new car sales in the country are down compared to last year.
The study found that in the first quarter of this year, there were just 7,000 new cars on the roads in the United Kingdom.
That compared with 7,500 in the same quarter last year, the year before.
That figure was down from 6,200 in the previous quarter and 5,500 last year in total.
Bespokes research shows that there were a total of 3.4 million cars on sale in the year to March 31, the peak month for new car purchases.
But in the quarter ending March 31 there were an additional 5,400 new vehicles on the road, a decline of almost a third from the previous year.
This included a slight rise in sales in London and an increase of around 0.5 per cent in Manchester, where new car registrations have fallen sharply in recent years.
“The decline in new car numbers is a consequence of a combination of factors, including the economic downturn, a slowdown in car sales and an increased awareness of the need for buyers to purchase new cars, the report said.
Bespokes’ report is based on the annual Automotive Data Service (ADDS) report, which was published earlier this year.
ADDS tracks sales of the vehicles that make up a vehicle’s market share, or the percentage of the market that a vehicle has to reach to become an “affordable” model.
In the year ending March this year there were 8.3 million cars sold, up from 7.7 million in the last year and a decline on a year earlier.
It is also important to note that ADDS data only takes into account the sales of vehicles made in the two years to March this month, not the vehicles made last year or the vehicles sold a year ago.
The number of vehicles sold is calculated on a rolling year basis, meaning that it is not possible to determine exactly how many vehicles have been sold at any given time.
The ADDS report says that a drop in sales could be due to the impact of the Brexit vote and a number of factors including the introduction of a carbon tax.
A drop in demand has been seen in many parts of the country.
In the north of England, where many people live, sales have fallen to the lowest level since ADDS began recording figures in the 1970s.
In Birmingham, the city of the same name has seen sales fall by 20 per cent over the last five years.”
“A fall in the value of cars, and the loss of the demand to buy them, is having a real and significant impact on the value and quality of the current generation of cars and this could have a knock-on effect on the market for new ones.””
If the current trend continues, we could see a further reduction in the supply of cars in Britain over the coming year.” “
A fall in the value of cars, and the loss of the demand to buy them, is having a real and significant impact on the value and quality of the current generation of cars and this could have a knock-on effect on the market for new ones.”
If the current trend continues, we could see a further reduction in the supply of cars in Britain over the coming year.”
Bespoke’s research also found that the average age of new car owners in Britain is now 26, up three years from the average of 25 years ago.
In Wales, this number is 24, and in Scotland it is 25.
Read more about the ADDS research here.
Image caption The number on sale of cars on average has fallen in Britain for the past five years, with fewer cars sold every year.
Source: Bespoken Investment Group