- Research reveals at least half of buyers turning to the used market for their next purchase
- Availability of in-car technology and finance deals making used vehicles more desirable
- Study shows used cars most popular among 25-34-year olds; women more open to buying used than men
- Video can help foster trust to capitalise on used car boom
Used car retailers could be set for a bumper year, with at least half of buyers turning to the used market according to new research from CitNOW. [1]
The nationwide study found that 48% of prospective buyers are now looking to the used car market for their next purchase, as a combination of more advanced cars and tempting finance deals boost the second-hand sector. [2]
The results from CitNOW’s study reflect the SMMT’s figures for used car sales in the second quarter of this year, which reported over two million used car vehicles sold. [3]
The new research arrives as CitNOW lifts the lid on its nationwide ‘Year of the Used Car’ report, revealing its findings while helping dealerships engage with car buyers amid renewed interest in the used market.
The video tech pioneer has urged retailers to capitalise on car buyer’s increased appetite for used cars by adopting a personalised, digital customer journey.
While over half of under-45s were looking to buy used for their next purchase, the second-hand market was proving most popular with 25-34-year olds.
Slightly more women (55%) are open to buying used than men (45%), while nearly a quarter of female drivers are undecided, highlighting the opportunity for retailers to win business through excellent customer service.
With nearly 20% of in-market motorists undecided, CitNOW is prompting retailers to use video to foster trust among sceptical customers considering a used car for their next purchase.
Ollie Parsons, Head of Sales and Client Services, CitNOW, commented: “With more advanced cars hitting the market alongside enticing finance deals, used cars are more appealing than ever for the consumer, and our survey shows it isn’t just the traditional young males audience turning to the second-hand market.
“For many used retailers, the problem is standing out and capitalising on this interest. The age of the classified print ad is long gone and used retailers now need to be delivering a modern, tailored buying experience to fully capitalise.
“Emails and phone calls often get lost in today’s busy world; but nothing is more personal and tailored than a well thought out customer video. These seemingly small additions can make a big impact and can help bridge the gap between a sceptical customer and a sale.”
CitNOW’s Web app can help retailers get used car stock, including high quality marketing assets, online in as little as two hours. The Sales app enables retailers to send more personalised videos to interested customers on request.
To download your copy of the Year of the Used Car report please click here.
___
[1] CitNOW poll of 2,000 UK motorists, June 2018
[2] According to FLA: https://www.motortrader.com/motor-trader-news/automotive-news/fla-reports-13-surge-dealer-finance-used-cars-july-07-09-2018
