The UK’s used car buyers don’t seem to be affected by the country’s recent sustained surge in petrol prices, continuing to buy luxury vehicles, large SUVs and supercars, as shown by a recent market study.
The research, issued by EurotaxGlass, shows that the top segments of the used car market have not been affected by the record prices registered by the gasoline since the second half of last year, a situation which is opposite to that registered in 2008.
While the value of an average family car has grown by at least 2 percent since January 2010, large SUVs have posted a increase of twice this amount. In addition to that, the luxury vehicles and supercars have registered a value increase similar to that seen by family cars.
“Given the series of fuel price increases, it is perhaps surprising that there has not been any kind of backlash in the premium sectors this time around,” explained Glass’s Managing Editor, Adrian Rushmore. “In fact, the sector that could be described as the most fuel inefficient appears to be thriving, namely the prestige 4x4 sector that has recorded price resilience not seen in any other area of the market.”
“Firstly, there is less of the ‘feel-bad’ factor that pervaded the economy and the market in the summer of 2008. Back then there was also an added buying disincentive in the shape of the large VED increases planned for the following April and plentiful used car supply. And fuel prices have been rising more slowly in recent months compared to the dramatic increases seen two years ago,” Rushmore said, explaining the reasons behind the market’s trend.
“Even though we expect used car buyers to choose more fuel-efficient cars in future, we are not predicting the demise of the large 4x4, luxury, and supercar sectors. These cars are not necessarily the principal method of transport and could represent the second or even third car in the family fleet,” Rushmore concluded.
The research, issued by EurotaxGlass, shows that the top segments of the used car market have not been affected by the record prices registered by the gasoline since the second half of last year, a situation which is opposite to that registered in 2008.
While the value of an average family car has grown by at least 2 percent since January 2010, large SUVs have posted a increase of twice this amount. In addition to that, the luxury vehicles and supercars have registered a value increase similar to that seen by family cars.
“Given the series of fuel price increases, it is perhaps surprising that there has not been any kind of backlash in the premium sectors this time around,” explained Glass’s Managing Editor, Adrian Rushmore. “In fact, the sector that could be described as the most fuel inefficient appears to be thriving, namely the prestige 4x4 sector that has recorded price resilience not seen in any other area of the market.”
“Firstly, there is less of the ‘feel-bad’ factor that pervaded the economy and the market in the summer of 2008. Back then there was also an added buying disincentive in the shape of the large VED increases planned for the following April and plentiful used car supply. And fuel prices have been rising more slowly in recent months compared to the dramatic increases seen two years ago,” Rushmore said, explaining the reasons behind the market’s trend.
“Even though we expect used car buyers to choose more fuel-efficient cars in future, we are not predicting the demise of the large 4x4, luxury, and supercar sectors. These cars are not necessarily the principal method of transport and could represent the second or even third car in the family fleet,” Rushmore concluded.