Used Car PCP Sales Set to Rise This Year
Dealers hope to imitate the success of new car PCP sales
According to figures published by the Finance & Leasing Association, PCP (Personal Contract Purchase) accounted for 39% of used car sales in 2015, a rise of 13% since 2013.
What The Expert Says
Speaking to MotorTrader.com, Nigel McMinn, Managing Director of Lookers motor division said: “What is interesting is that it has grown to 37% of used cars. In 2014 it was 26% and the year before that it was 17% and before that 9%. PCPs are becoming a significant factor in used cars. Where that was initially introduced by manufacturers who wanted to address nearly new cars up to a year old to help them compete with strong PCPs on new, now we are starting to see more manufacturers introducing them on two, three and even four year old cars. The evidence would suggest it is a trend we are going to see continue.”
New Vs. Old
Used car PCP sales still lag behind new car PCP sales, with 76% of new car sales being PCP a 6% rise from 2013.
So will they rise again in 2016 as some are forecasting? We’ll find out soon enough, but in the meantime, if you’re a motor trader operating in the second hand car market, and you need motor trade insurance, why not give Think Insurance a call on 0800 221 8077 and see how we could help you out.