Data out this week from Volkswagen Financial Services UK (VWFS) shows that more people are buying used Sports Utility Vehicles (SUVs) in 2021 than in 2018 while demand for smaller models has fallen by 34% during the same three-year timeframe. The data suggests a shift in the UKâ€™s buying habits; consumers have decided to buy bigger models?
I am personally struggling to explain the shift towards the purchase of larger vehicles; I for one have felt the need to downsize rather than upsize. Perhaps the shift could be explained away by more people choosing to staycation during the pandemic, extra day trips and exploration of the UK may throw up a need for a larger vehicle? Regardless of reasons for the shift its reassuring to see that the used car market continues to go from strength to strength, with used prices continuing to hit new heights â€“ increasing by 21.4% in September.