According to the most recent statistics, almost 80% of households in England have a car, with people in the UK changing their cars, on average, every four to six years.
This adds up to a whole lot of cars being bought and sold every year and, with the cost of living continuing to cause financial headaches for many people, more and more are opting to pick up a used car, rather than a brand new one.
With new car number plates having been released at the start of March, now is the ideal time to pick up a quality used car for less, so we’ve compiled some advice on getting maximum value for money when delving into the second-hand market.
Timing is everything.
New number plates are released annually on March 1st and, as a result, the weeks around this date are the best times to buy a used car, for two reasons:
1) as soon as new plates are available, people rush to part-exchange their old cars in order to get their hands on one, leaving dealers with a surplus of used cars they can’t wait to sell on, and…
2) both before and after the new plates’ release, dealers start clearing out their old cars to make room for the new ones, meaning they’re more likely to accept a lower price in order to free up room on their forecourts.
If you’re not in a hurry to grab a new set of wheels, you could potentially save even more money by waiting until the end of car dealers’ sales quarters in March, June, September and December. In order to hit their sales targets and earn bonuses, dealers are often happier to negotiate, allowing you to pick up a quality ride for less.
It’s also a good idea to go to dealerships during the week as they tend to be much busier at weekends. This enables the dealers to focus their attention on you, increasing your chances of getting a better deal.
Know your trim levels.
Trim levels are essentially different variants of the same vehicle. While the names vary from car to car, what this basically means is how many optional extras do you want/need your car to have. The more you want, the higher the cost.
Only you know what’s right for your needs but it’s vital to find out about the different options before making a purchase. There’s no point paying more than you can afford for a model packed with features you’re unlikely to ever use.
MOT, tax and service history.
When buying a used car, the only way to know for sure that it’s reliable and not going to cost you a fortune later is to get your hands on its service book and go through the stamps that are in it – these will tell you the dates when the car was serviced and how many miles it had done between each service.
To be extra sure the car’s as good as it seems, you can also use the DVLA’s free Online Enquiry Service to check its current tax and MOT status by entering the registration number and vehicle make. Don’t be alarmed if the tax has been cancelled – that’s normal when a car is sold to a dealer – but remember to make a note of the date when it was cancelled or it expired.
Every car more than three years old must have its MOT renewed every year so you ideally want a car that has recently passed its MOT as this means you won’t have to pay to have it tested again for several months.
If the MOT isn’t current and/or the tax expired a long time ago, there’s a chance the car has been off the road for a significant period of time and, if so, it’s important to find out why. If the dealer can’t give you a good reason, it’s often a sign that the car’s not up to scratch and should be avoided at all costs.
Get help with an LCU Car Loan!
At Leeds Credit Union, you can borrow between £250 and £25,000 to help you buy the car of your dreams with one of our affordable car loans. To find out more, click here.