Will Your Next Car be a Used Car?
Published: 7 August 2012
By Julian Stone Leave a Comment
Updated: 8 August 2012
There’s nothing like buying a new car, or at least changing your current one, whether it be a brand new or a used car that you replace it with. It seems many of us though think our next car will be a used one.
New research from Experian AutoCheck reveals that 70% of us believe that our next car will be a used car.
Interestingly enough, by the time we reach the age of 55, we will have owned, on average, 10 used cars.
The average price of a privately-sold used car is £600, although 20% of buyers spend over £10,000.
It’s no longer the case of the cars being battered bangers though, they can just as well be high-end cars like a BMW or an Audi A4.
According to the research, the top 10 used cars bought privately are:
- Ford Fiesta
- Ford Focus
- Vauxhall Corsa
- BMW 3 series
- Audi A4
- Vauxhall Astra
- Renault Clio
- Audi A3
- Renault Megane
- Ford Ka
Peter Turner, Managing Director of Experian Consumer Services, UK&I said: “Due to the nature of this part of the used car market, it can be something of an unknown entity for consumers and therefore difficult to regulate.
“For anyone considering purchasing a used car privately, the motto caveat emptor – let the buyer beware –holds true.
“In order to fully reap the many benefits of purchasing privately, not least of which is the cost saving, people need to ensure they check the car thoroughly – not just its bodywork, but its history.
“Together with Experian’s extensive data resources and external information, including data from the Police National Computer and finance and insurance companies nationwide, Experian AutoCheck’ 26 comprehensive checks into a vehicle’s history, help consumers buy a next used car with confidence.
“Through our survey, we found that buyers who didn’t use a vehicle checking service like Experian AutoCheck, were five times more likely to discover the car they had bought was stolen, four times as likely to find it had outstanding finance or was a ‘cut and shut’ – and twice as likely to find that the mileage had been altered.”
MoneyHighStreet comments: “Clearly buyers do need to be cautious and satisfy themselves as best they can that the car they are buying is what it seems and that it hasn’t been a write-off, isn’t clocked or have outstanding finance on it.
“When buying a car, the price is a key factor to consider. When considering this though don’t just stop at the price of the car. Consider the cost of running it too. There’s the tax of course, the car insurance, ongoing maintenance and fuel. All costly items that do very much need to be factored into your budget.
“Regarding insurance, depending on the age of the vehicle you are buying, you may also want to buy GAP insurance. What is GAP insurance you might ask – quite simply it is a policy that protects you if you write off your car and your car insurance policy doesn’t pay enough to settle any outstanding loans on it or the cost of replacing it.”