Used car buyer sentiment is at a 12-month high, according to new research issued today.
The new Startline Used Car Tracker shows a net 57% are positive about the idea of buying a used car this month, the highest figure since 53% in August 2024.
Paul Burgess, CEO at Startline Motor Finance, said: “This is good news. While the used car market has been relatively buoyant over the last year, there have definitely been moments where we could see some weakening in consumer confidence in our data. In January, for example, net positive sentiment was as low as 38% but since that point, we have seen a consistent upwards trend.”
A key factor behind the more positive outlook appears to be improved personal finances over the last year with an 8% rise in car buyers who say their situation is better and a fall of 26% of those whose finances are worsening.
Separately, high new car places may be driving buyers to the used car market, according to research from Carwow.
“In some ways, the 26% fall is more significant than the 8% gain. For a period of time over the last 12 months, a majority of people in our research felt their finances were on a downward spiral but that seems to have improved substantially. In fact, the percentage of people saying their finances are worsening has halved in that time.”
However, while personal finances are improving, money is still a concern in other respects with 69% of respondents naming running costs as their top consideration when choosing a used car.
“There has been a slight rise in the Tracker in people who say they are worried about job security, which may help explain why running costs remain such a prominent issue, but there is also some subtlety to their views. They are concerned about the costs of insurance, servicing and tyres, but have become less concerned about the price of fuel.”
The Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research.