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NOW is the best time to buy a used carBack

120314 CheapusedcarsNews from automotive data experts, cap hpi has revealed the last weekend in October, is the best weekend to buy a used car.

In September, new vehicle registrations hit a record high with official industry data showing that 469,696 vehicles were registered in total – a 1.6 per cent rise in the same month last year and the highest number of motor sales on record for September.

With the arrival of the new number plate on September 1st, this month has always proved a popular one for car sales. According to dealer profitability specialist ASE, over 21% of registrations were conducted during the last week of September with 100,000 cars registered on a single day!

Philip Nothard, retail and consumer specialist at cap hpi said: “High levels of pre-registration activity as highlighted by the busiest September on record is putting pressure on cash flows.  The fact that 100,000 registrations took place in just one day at the end of September shows that the market undoubtedly included a significant number of dealer registrations.

“This means that in the period direct after a flurry of activity that there is an optimum time for consumers to snap up a used car bargain, which is effectively now. There is evidence that trade values are beginning to show signs of easing, as increased volumes and softer demand tips to ‘supply and demand’ balance.”

Below, Trusted Dealers lists a few top tips to buyers looking for a bargain this October:

servicing-10-points2Buy from a franchised dealer – we’d always recommend that you purchase from a reputable and reliable franchised dealer to ensure your car has been thoroughly checked and is fully roadworthy. At Trusted Dealers, all of our cars have been HPI or Experian checked to ensure they have not been lost or stolen, involved in an accident, clocked or owe any outstanding finance. For more information on the benefits of purchasing from a Trusted Dealer, read our 10 points of difference.

Buying privately – If you do decide to purchase from a private seller, it’s important to spend time researching the pitfalls, so you know what to look for. Follow our guide to Buying Privately to ensure you do not get caught out.

Choose the right car – do not be fooled by the initial price tag of a vehicle, always remember that there will be hidden costs such as service and maintenance costs, fuel costs and road tax to consider, so it’s important to consider what you’ll pay to run the car not just to own it.

Be frugal – Fuel is expensive, therefore choosing a car with good fuel consumption will help minimise your costs at the pump. Before you choose a car, look at the miles per gallon to see how fuel efficient it is. Cars that achieve over 50mpg will generally cost a lot less to run than those that don’t, and if you pick an electric car, you’ll pay nothing towards fuel as the car can run on a home-charged battery.

Do your homework Once you’ve decided on the right model to suit your lifestyle, spend some time researching how to get the best deal. Take a look at a number of car websites to see what similar models are selling for, so that
when you enter the showroom you can confidently negotiate your deal based on facts. Trying to sail through a deal UsedCarswithout knowledge will guarantee you lose money before you’ve even driven the car away.

Why buy used ?  Depreciation in value of a car is largest in its first year, so even buying a one year old model will save you a packet, and you’ll still have at least a 2 year warranty on it. As much as it’s nice to show off the latest number plate, your new car will lose value the minute you drive it off the forecourt, so if you’re considering purchasing a new car, be thrifty in your negotiations if you want to ensure value for money.

 

 

Posted by Leana Kell on 24/10/2016