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You can save a lot of money by buying a used car in comparison to a new car. There is a large range of options in the used car market. It’s important to know all the facts and what to look out for to ensure you avoid any potential problems down the road. Let’s take a look at what you need to know before buying your next vehicle.
Once you have purchased the vehicle, don’t forget to compare car insurance with Utility Saving Expert. It’s quick and easy to get a quote within minutes.
We will look at the following:
£28,000. That’s the average price of a new car.
One year later with around 10,000 miles, it would cost around £21,000. That’s a 25% decrease after only 12 months. The depreciation will slow down as each year goes by, the above car would lose a further £3,500 to its value at year two. Used cars can help you make significant savings on the purchase price.
Car experts and market research has given us all the relevant data. Here are some key insights:
How do you know what is the best time to buy a used car. Car dealers will have their own sales targets to meet. These are generally based on quarterly sales, the end of a sales quarter is a good time to buy, look for late March, June, September, and December. It may be easier to negotiate during this period.
Private sellers won’t have these targets as they will only sell for a price they’re happy with, it’s a good idea to ask them the reason they’re selling as you may be able to find out how quickly they want to sell the vehicle. Check the prices of any vehicles you’re looking at over a number of months to understand the market value better. Try to avoid a busy period such as weekends or the beginning of a new month as many prospective buyers will be there as they have just been paid.
Think about what needs your next car must meet. If you’re a family of five, you will want to avoid a two-door sports car. Think about the following:
You may want to sell your current car to help reduce the purchase price of your next vehicle. You can either opt for part exchange or choose to sell it privately.
Part exchange will save you time and having to deal with potential buyers but you will get a lot less from this method. Selling privately will take more time and effort but you have a number of advertising platforms online to choose from. However, this will help you earn a lot more from a potential sale, on average you may receive an additional 10 to 20% compared to part exchanging.
Carbuyer, Parkers, and What Car? are a few great places to research prices. You need to look at the upfront and reoccurring costs involved. Look for:
Look at many different car dealerships to compare prices, this will help you find a better deal. Search online before visiting, this can help you create a targeted shortlist and save you time.
When you’re purchasing goods from stores, you won’t have the option to negotiate a price in most scenarios. This is the total opposite when buying a used car. Rule number one: never agree to the list price, the salesman is able to negotiate a lower price with you in most cases and this will help them feel like they’re giving you a discount.
Carry out your research beforehand, know the typical value of a specific car including the age and mileage you are targeting. Be confident to say ‘no’ if you want to get a better deal.
You need to look at many different aspects when buying a used car. This is because you want to ensure everything is in order before handing over your hard-earned money. You will want information on the following:
It’s a good idea to take the opportunity to test drive the vehicle, after all, you want to make sure you’re happy with your purchase for the foreseeable future. Consider these points:
Only pay for optional extras if they are essential. Car dealers will try to upsell you on upgraded models. Things like Bluetooth, cruise control, heated leather seats, satellite navigation and custom sound systems are optional. Some of these features are becoming more common.
Think about what’s important to you, what you will actually use and what will make your car journey a more enjoyable experience.
Once you have decided on which car to buy, remember to get car insurance cover in place before you drive away. You are now responsible for the vehicle and will want to protect your new purchase, also it’s illegal to drive within the UK without car insurance. Some dealers may give you the option to purchase short term car insurance, this can sometimes cost more.
It’s a good idea to get a quote from your current provider and an online comparison website to get the most competitive deal. Road tax is not transferred from the previous owner. You will need ensure you have this before you take ownership.