Demand is stronger yet supply is short for 'good quality' used cars
Car information experts, CAP, have recently announced that retail demand for used cars is stronger now than at any time since September last year. Information and research for CAP Black Book Live, the only independent real-time guide to used car trade values, reveals a number of increasingly positive market indicators which range from the mood and buying activity at auctions to consumer retail demand on the forecourt since the start of 2013.
CAP has posted that dealers are still reporting difficulty in sourcing for retail following the reduction in new car registrations of recent years. And that problem may worsen as increasing numbers of poor condition cars with high mileage continue returning to the market. CAP also says that dealers are getting increasingly cautious of becoming over-stocked; this shortage of ‘prime’ retail stock is keeping forecourts only around 80% full.
Coincidently, along with this information, buyers are being urged to be aware, to do their homework, and delve a bit deeper into any used car's history before purchasing. With supply of quality used cars becoming short and demand increasing, leading vehicle information expert, HPI, has recently posted helpful advice calling for consumers to conduct their own vehicle history checks when buying from independent garages. "According to figures from Citizens Advice, complaints about used cars purchased from independent dealers continue to feature as the number one grievance lodged by people using its Helpline service. Don’t take a seller’s vehicle check at face value, buy your own for vital peace of mind, is the message from HPI."
HPI do go on to say that the majority of car dealers and garages are legitimate and strictly follow Office of Fair Trading (OFT) guidelines to protect themselves and their customers. "There is, however, a fraternity of villains that is all too eager to dupe buyers into parting with their cash. Figures quoted by Citizens Advice suggest that, in total, the value of vehicles that were the subject of complaints logged with them exceeded £115m, equating to £4,500 per person contacting Citizens Advice. The innocent used car buyers can, at best, be left severely out of pocket if they need to fund repairs, or at worst, in danger of hurting themselves and their loved ones if they drive away in a vehicle that is unfit to be on the road."
HPI say that some of the unscrupulous tricks that are used by sellers include "altering information relating to finance agreements or lowering mileage readings, to sell vehicles on at a higher price. Buyers also need to watch out for immaculate bodywork used to disguise badly repaired, written-off vehicles."
HPI’S TOP TIPS FOR BUYING FROM TRADE
CAP has posted that dealers are still reporting difficulty in sourcing for retail following the reduction in new car registrations of recent years. And that problem may worsen as increasing numbers of poor condition cars with high mileage continue returning to the market. CAP also says that dealers are getting increasingly cautious of becoming over-stocked; this shortage of ‘prime’ retail stock is keeping forecourts only around 80% full.
Coincidently, along with this information, buyers are being urged to be aware, to do their homework, and delve a bit deeper into any used car's history before purchasing. With supply of quality used cars becoming short and demand increasing, leading vehicle information expert, HPI, has recently posted helpful advice calling for consumers to conduct their own vehicle history checks when buying from independent garages. "According to figures from Citizens Advice, complaints about used cars purchased from independent dealers continue to feature as the number one grievance lodged by people using its Helpline service. Don’t take a seller’s vehicle check at face value, buy your own for vital peace of mind, is the message from HPI."
HPI do go on to say that the majority of car dealers and garages are legitimate and strictly follow Office of Fair Trading (OFT) guidelines to protect themselves and their customers. "There is, however, a fraternity of villains that is all too eager to dupe buyers into parting with their cash. Figures quoted by Citizens Advice suggest that, in total, the value of vehicles that were the subject of complaints logged with them exceeded £115m, equating to £4,500 per person contacting Citizens Advice. The innocent used car buyers can, at best, be left severely out of pocket if they need to fund repairs, or at worst, in danger of hurting themselves and their loved ones if they drive away in a vehicle that is unfit to be on the road."
HPI say that some of the unscrupulous tricks that are used by sellers include "altering information relating to finance agreements or lowering mileage readings, to sell vehicles on at a higher price. Buyers also need to watch out for immaculate bodywork used to disguise badly repaired, written-off vehicles."
HPI’S TOP TIPS FOR BUYING FROM TRADE
- Organise your finance so you know your budget
- Decide on the make and model you want
- Do your homework. Research the current values of the vehicle you want and be suspicious of any rock bottom prices
- Check the VIN/chassis numbers match any paperwork
- Does the mileage correspond with the condition of the car? If it seems low, it could have been clocked
- Check the vehicle has a current MoT certificate, if it is over 3 years old
- Ask to see the full service history, including receipts and check mileage readings
- Beware of forged documents, such as V5s and don’t take any dealer history checks at face value
- Conduct your own an HPI Check, using the registration number to confirm whether the vehicle has been stolen, clocked, written-off or if it’s on outstanding finance
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