The average consumer is now holding onto their new car for just 20 months.
That’s the conclusion of online car sales platform Tootle which compared data from 2016 and 2018.
It found that the average consumer selling their vehicle in 2016 had typically kept hold of it for a full three-year period but this had fallen to 20 months by 2018.
This could be because buyers buy their cars on PCPs for a typical three-year period. Many are flipped into new PCP contracts early to keep the metal moving.
The research also revealed the most commonly sold vehicles, where the Ford Fiesta came out on top for a 6, 12 and 24-month period, selling for an average sum of £5,388.
Other commonly sold vehicles include the Volkswagon Golf, BMW 3 Series and Ford Focus, which sold for an average of £ 12,335, £9853 and £6926 respectively, depending on age, model and condition.
Amy Buckley, digital director of Tootle, said: “Our latest research has demonstrated that more and more consumers are selling their vehicles within a faster timeframe.
“This could be due to the fact that more and more consumers are purchasing vehicles through PCP agreements, which naturally encourages individual’s to look for a new vehicle after a two or three-year period.”
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