People are driving older cars because the quality of the build has improved vastly over the past few decades.
Birmingham, West Midlands (PRWEB UK) 26 November 2013
There is a 30-year high for older cars on the road today, says a recently published report. Birmingham-based specialist motor trade insurance firm Tradesure explains why this has happened and how this can benefit the motor industry. The Used Car Market Report 2013 was published by auction house BCA along with research and findings compiled by the University of Buckingham Business School.
Mark Wilkinson, Managing Director of Tradesure said, “As the BCA report indicates, people are driving older cars because the quality of the build has improved vastly over the past few decades. The recession has seen the sale of new cars decrease and motorists are choosing to 'make do and mend' over buying new vehicles.”
“With this increased amount of business being done around older cars, the number of workshops and used car dealerships will no doubt increase. Employers will be taking on more staff as their business expands and as a consequence, will have to provide adequate insurance. Tradesure specialises in providing tailored policies that ensure you're covered for anything from fire and theft to public liability insurance,” continued Mark Wilkinson.
The report indicates that the average age of vehicles on UK roads has reached 7.59 years. The average age of cars on the country's roads had fallen to 6.69 years in 2004 but since then it has steadily risen, reaching the 30-year high.
"It is testimony to the build quality over the last decade that three-quarters (76.3 per cent) of cars now make their twelfth birthday and more than half (51.6 per cent) are reaching the 14-year mark. In fact, these vehicles provide ongoing income opportunities for the retail motor sector,” explains Tim Naylor, Editor of the annual BCA Used Car Market Report.
The report also showed that in terms of sales, dealers continue to dominate the used car market, accounting for 57.2 per cent of all used cars sold - 74.4 per cent of the total market value. Dealers sold 4.07 million used cars last year, a rise of 8.9 per cent and, reflecting the changing age profile of the used car market, there was a greater focus on older used cars.
“We feel that the trend towards people holding onto used cars will continue for the next few years. Tradesure will be there for all those businesses looking to expand their operations and who find themselves in need of specialist insurance,” concluded Mark Wilkinson.
About Tradesure Insurance
Tradesure Insurance is one of the leading insurance providers in the UK. The company was established in 1965 and supplies vehicle insurance, motor trade insurance and personal insurance. Tradesure are experts in the field and have several exclusive schemes available from some of the top insurers. For any further enquiries, visit http://www.tradesure-quote.co.uk.