There
may have been the odd dent or scratch. The interior may not have been pristine.
That’s the way it is with first cars, which have, in 89 per cent of cases, been
loved and driven before, according to a recent survey by Experian. And almost
all of us will finish the way we began – 80 per cent of us never own a new car.
Only
eight per cent of participants in the Experian
Used Car Report 2012[1] were sure that they would drive a shiny, new car off the garage forecourt when
it came to replacing their current vehicle, while more than 70 per cent are
pretty certain that a pre-loved model is what they want.
The
market is certainly strengthening, with predictions of a 1.5 per cent increase
in used car sales every year to 2017, when 7.27 million used cars are expected
to change hands. To set
that in context, the research found that by the time you reach 55, the chances
are that you will have owned 10 used cars.
The drive for value
The big driver is, of course, price, cited by every respondent in the survey as the biggest consideration when they chose a new-to-them car, with most people (48 per cent) paying less than £5,000 for a car that’s between three- and five-years-old, the age range given by 37 per cent of people.
The big driver is, of course, price, cited by every respondent in the survey as the biggest consideration when they chose a new-to-them car, with most people (48 per cent) paying less than £5,000 for a car that’s between three- and five-years-old, the age range given by 37 per cent of people.
And
many believe the best possible value lies in private sales, which the Office of
Fair Trading and British Car Auctions believe account for 40 per cent of the
used car marketplace.
Buyer beware
With improved build quality, a used car no longer represents the same kind of risk it did 20 years ago. But there are pitfalls, especially as you don’t have the level of protection that you get under consumer law when you buy from a dealer.
With improved build quality, a used car no longer represents the same kind of risk it did 20 years ago. But there are pitfalls, especially as you don’t have the level of protection that you get under consumer law when you buy from a dealer.
For
example, one in 12 people reported a private seller hadn’t told them that a car
had faulty or missing parts and drivers were really worried that they might
discover the car was a write-off or had been clocked (each cited by 58 per
cent).
Outstanding
finance, which means the car could be repossessed by the lender, was mentioned
as a major concern by 57 per cent, while 56 per cent were worried that it might
turn out to be stolen or a truly dangerous cut and shut – a car made up of
elements of two cars welded together.
Precautions pay
Simple precautions, such as viewing the car at the vendor’s home and collecting it from the same home address, can help to set your mind at rest. You should also cross-reference the details in the logbook to confirm that the seller is the registered owner. And a thorough inspection (bring in a mechanic if you’re not an expert) and test drive should go without saying.
Simple precautions, such as viewing the car at the vendor’s home and collecting it from the same home address, can help to set your mind at rest. You should also cross-reference the details in the logbook to confirm that the seller is the registered owner. And a thorough inspection (bring in a mechanic if you’re not an expert) and test drive should go without saying.
But
these won’t uncover a car’s hidden history or answer those serious concerns.
One increasingly common step is to order a Vehicle Check report, which can
alert you to potential problems. It includes 26 different checks with more than
20 sources, such as the police, the DVLA and insurance companies, and includes
verification of critical issues such as mileage and outstanding finance which
aren’t covered by some vehicle history checking services.
[1] July 2012: Based on a survey of 1,800 used car owners
who have bought a used car from a private seller in the last 18 months, this
report is the first of what will be an annual investigation into the private
used car marketplace.