The Second Hand Car Market - Is Their Any Mileage Left?
At some point in our lives the majority of us will be involved in a car purchase, whether for ourselves, a partner or one of our children. The majority of UK car buyers will probably opt for the second hand market, which has historically offered more value than the new car market.
It is common knowledge that as soon as you take a new car from the garage forecourt it will probably have reduced in value by at least 10%, but is the second hand market any better?
Due to fall in new car prices over the last few years, caused mainly by increased competition in the sector, the price of second hand cars has also fallen. While this has given rise to a number of possible bargains, you still need to be very careful. The old “cut and shut†scams of yesteryear are still VERY much in evidence - where two halves of different cars are welded together to form one car (very often the original cars have been in accidents).
To get the best out of the second hand car market you need to :-
- Have the finance in place. This gives you a strong bargaining position from the outset.
- Have somebody to look over the car. Always ensure that an experienced mechanic is available to look over the car for you - even if you have to pay them - as this can save a lot of trouble for you in the future.
- Check to see whether the car is stolen. If you buy a stolen car and it is traced, you will lose the car and your money.
- Be wary. If the deal looks too good to be true, it probably is!
There is no doubt that there are some great bargains in the second hand car market, but you need to be careful.
The majority of people who opt for the new car market will probably do so because of the added confidence of transacting with a reputable dealer, plus the numerous added extras which you may be able to negotiate. What would you go for?
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