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General Motoring News

Used car demand holding up

29th August 2008

Demand for used cars is holding up despite the general economic uncertainty, a new survey has revealed.

The poll of 100 UK franchised dealers disclosed that test drives and enquiry levels for the five main vehicle segments - small hatchback, medium family, large family, executive and 4x4 -are only marginally down compared to the previous three months.

However, the study conducted by Manheim Retail Services did reveal that sales-to-enquiry conversion rates were down by 8.3 per cent for executive models and 7.6 per cent for 4x4's - possibly because people are unable to acquire cheap car insurance.

John Simpson, managing director of the Manheim Retail Services, said that these figures are encouraging considering that negative consumer confidence forced new car registrations down by 13 per cent in July.

He said: "In the five vehicle segments analysed, used car sales were only down by an average of less than one unit per dealer per month. And as to be expected, interest levels and sales were highest in the small Hatchback and medium family segments."

However, consumers are warned that personalised plates could increase their cheap car insurance quotes. ADNFCR-1602-ID-18755765-ADNFCR