Premium car brands have pulling power, especially on Britain’s used market.

New research by BMW ’s Financial Services reveals that one in four adults (26 per cent) — that is 12 million people — would rather own a used prestige brand car than buy a new, ’run of the mill’ vehicle.

Joe Pattinson, general marketing manager for BMW Financial Services, says despite the credit crunch, people are still aspiring to luxury on the road.

“Classic cars and prestige brands rarely go out of fashion. And far from being just a mode of getting people from A to B, many car owners in the UK look to their motors as an extension of their own personal style.

“Both used and new prestige brands needn’t cost the earth to own.” The BMW study highlighted the fact that men are more likely than women to choose a used prestige brand over a new mid-market vehicle.

Almost a third of men (31 per cent) would rather have a top-end second hand car, while women are most likely to opt for the new bog-standard version (36 per cent).

Image-conscious younger drivers are also mirroring the male trend, with 31 per cent of 18 to 21-year-olds hankering after refinement and luxury on the road, preferring a second-hand, but high-end, model to a new, more average, runabout.

Breaking down the research into regions, Londoners and residents in Northern Ireland are most likely to choose a used prestige vehicle. Meanwhile, top UK trade price data publisher EurotaxGlass’s has been looking at the market for older used cars. With drivers looking for new ways to reduce their motoring costs, the firm says it is no surprise that small, economical used cars of all ages are in favour right now.

The used car experts at EurotaxGlass’s give the example of the various superminis and lower-medium cars over eight years of age that are selling in under an hour on auction sites like eBay, when priced sensibly and displayed in the most effective way. John Glynn, editor of the Glass’s Guide to Older Cars, said: “Despite the worsening economic climate, used prices are remaining relatively stable, and even old models like the Citroën ZX hatchback, with its conventional suspension and resistance to rust, will often sell for a good price."