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How much is that car worth?
If you're thinking of buying a second hand car, or if you are thinking of selling your own car, how can you be sure that it's marked at the right price? The key conditions that will affect the price of the car are its year of manufacture, mileage and general condition, but there are other factors that you may need to consider, which could affect the asking price.
Home and business
You might like to consider the use of the second hand car concerned, and whether it has been used for constant business commuting or cross-country sales trips, or perhaps for lighter domestic use.
Ex-fleet cars, which have been driven thousands of miles can sometimes be an attractive option because they can carry a lower price tag. They may also have been well maintained and serviced by a business, and come with a good service history from a reputable garage.
However, experts suggest that used cars that are less than three years old, and which have been driven between 10,000 and 15,000 miles a year, are likely to be the best buys. An average annual mileage is about 10,000, so for a three year old car, mileage between 25,000 and 35,000 would be reasonable.
Depreciation
Depreciation is another significant factor when it comes to used cars. The difference in the selling price between a brand new car and a second hand car will be much greater than between a second hand car that is resold, which can make used cars a much more cost-effective purchase, when it comes to selling them on.
Hidden costs
Second hand cars may incur unforeseen costs because of hidden faults. The Citizens Advice Bureau advises that the standard for meeting the implied condition of satisfactory quality is lower for second hand cars than for brand new ones. It depends on the age and make of the vehicle, the price paid for it and any description the seller gives.
The CAB therefore urges buyers to act as quickly as possible after purchasing the vehicle if there is a problem with it. Because the condition of a second hand car varies so greatly, it will be harder to prove there is a genuine complaint if the car has been used for some time.
Homework
Consumer Direct, a government-funded consumer advice organisation, says car buyers should always do their homework before buying a car. Their advice includes:
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Checking car magazines and price guides
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Shopping around for the right vehicle
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Taking someone with you who knows about cars
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Or paying for an independent inspection by a professional mechanic
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If buying from a dealer, look for a trade association sign
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Make sure you test-drive the vehicle
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Don’t be afraid to haggle
- Make sure you get a quote to see how much you car insurance will be
Shopping online
Online car shopping sites are excellent for carrying out your research because they can often display hundreds of similar models side by side, and give you a sense of the pricing trends, and prices for each years’ car models.
Here are 10 sites to consider when looking for a second hand car:
Whatever car you choose, it's easy to get a an online car insurance quote with Privilege.
Sources:
www.adviceguide.org.uk/index/your_world/consumer_affairs/
buying_second_hand_vehicles.htm
www.consumerdirect.gov.uk/news/press_releases/east_midlands/
2007/second_hand_cars
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