Insurance news
03/02/2012
Used car sales increase across the UK
A leading retailer of car insurance has recently estimated that the average age of a typical UK car is rising. Due, in part, to the increasing prices offered for car insurance quotes, it appears that UK motorists are buying more used cars than ever before.
Recently released figures from the 2011 Used Car Market Report show an increase of 270,000 used car sales compared to the previous year. Used car sales have been rapidly increasing since 2010, and, with the lack of easily available cheap car insurance, affording a brand new vehicle has become impossible for some car buyers.
However, motor insurance policies have been increasing in price for cars which are aged between 10 and 17 years. They went up by 5% in 2011 compared to the previous year and are expected to rise even higher during 2012.
By the end of this year the car insurance retailer estimates that motor cover costs for cars between the ages of 10-18 years will rise by 24.5%.
The claims manager for the company says the current economic climate is to blame for the rise in purchases of used cars as many drivers cannot pay for a new vehicle in full, but do not want to become involved in a finance deal.
Road users who are planning on buying a used car are being reminded to ensure that the vehicle is in full working order when purchased and to look out for models with the highest safest ratings.