These are the used car finance capitals of the UK

These are the used car finance capitals of the UK
These are the used car finance capitals of the UK
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Crawley is the used car capital of the UK, with more vehicles financed in the town this year than anywhere else.

The West Sussex town was followed by Croydon in South London and Dunfermline in Scotland, according to analysis by Volkswagen Financial Services UK (VWFS).

The top five was completed by Slough in Berkshire and Aberdeen in Scotland.

The three cities that have seen the biggest annual growth in the number of used cars being sold are Coventry and Southampton in England and Glasgow in Scotland.

Meanwhile, the increased interest in electric vehicles is being seen in the used car market, with VWFS seeing the number of used EVs financed increase 76 per cent from 2020 to 2021, while petrol and diesel cars have fallen 23 per cent and 37 per cent respectively.

Mike Todd, CEO at Volkswagen Financial Services UK, said: “The used car market in the UK has never been as buoyant as it is right now with supply shortages continuing to affect the new car market and it’s encouraging to see that so many young people are interested in driving used models.

“Used cars are typically much cheaper to buy than new cars, and there are usually shorter wait times once you’ve chosen the vehicle you want, so there are plenty of advantages to going down the used route.

Big Motoring World Car Dealership

(Blackball Media)

“I think lots of people are still apprehensive about travelling on public transport, so coupled with the supply issues, we’re seeing increased demand among people looking for cheaper personal mobility options as the world gradually gets back to some kind of normality.”

The news comes as the used car market is seeing a boom in demand and therefore an increase in prices. This has been caused by a shortage of semiconductor computer chips, which are used in the production of new cars. This has led to huge delays in deliveries, driving buyers to the used market.

The latest data from industry body the Society of Motor Manufacturers and Traders shows that the used car market grew 108.6 per cent in the second quarter of 2021, with more than 2.1 million vehicles changing hands.

That puts it 6.6 per cent up on pre-pandemic levels and represents the best Q2 performance ever seen in the used market.

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