Car insurance: Used car industry 'will recover'

Thursday, 04 September 2008

The number of people looking for car insurance after buying a used vehicle could be falling, if the findings of a new report are anything to go by.

A report by BCA has revealed the number of used cars sold last year fell by 384,000 to 7.1 million, in comparison to 2006.

However, although the amount spent on used vehicles dropped by £0.6 million, the £33.3 billion that was spent was the second-highest figure recorded since BCA started producing their annual report 18 years ago.

Tony Gannon, BCA communications director, said: "There is a deep-seated resilience in the used car market even when times are hard."

He stated the current downturn in the market was not something to get too concerned about as the industry had bounced back from similar slowdowns in the past.

Earlier this month, research by Manheim Retail Services suggested that the used car market was standing up relatively well in the face of the credit crunch.

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