Used Car Prices Set To Increase

Lookers have announced their annual results and used car sales in 2009 have increased by 6% compared to 2008.


Used car sales have increased due to the fact that the current economic climate, not everyone can afford a brand new car - even though the scrappage scheme also increased sales of new cars.


Lookers are set to increase used car prices in 2010 to increase their profit year again as this year total profit rose by 11% with their total revenue at £1.75 billion (£1.68billion in 2008)


Peter Jones, Chief Executive of Lookers said:


"We are pleased to announce that we have delivered a record trading performance for the company in 2009 despite difficult market conditions. Although we believe that market conditions will remain challenging in 2010, we are encouraged to report that we have made a strong start to the year. The strong performance from both the Parts and Motor Divisions, supported by our strengthened balance sheet and reduced cost base, places us in a strong position and gives us confidence that we will continue to trade successfully through the period, and be in a position to pursue strategic growth opportunities as they arise."


With profit margins soaring for used cars, other companies will soon start to increase the value of their used cars as members of the public are willing to pay it as it still works out cheaper than a brand new car.

10-Mar-2010
« Back to articles