Although we are all being squeezed from every angle at present and a large a-la carte menu of doom and disaster is served to us on a daily basis, we will still need to carry on as normal as possible. If we have earmarked right now as a time to buy a used car, and we haven’t got a car to trade in, it could be just the time to do so.
However having decided that we will do, these questions all raise their head;
How much do we spend?
Do we pay cash or monthly payment?
Do we need diesel?
What about maintenance and road tax and insurance issues etc?
Things that normally would come into our thinking need much more careful consideration in today’s climate.
It would seem that currently, according to statistics (don’t you just love ’em) that volumes of nearly new cars sold have declined by 5.9%, cars 3-5 yrs old by 13.8% but there is strong demand for cars of 6-8 yrs old with the figure increasing by nearly 6% in comparison.
So there you have it; if you are about to buy a used car, at present more people are buying from the £2-£5000 sector, the issue is does this represent the best value? or is this consumers playing it safe?
Considering that certain models which are up to a year old are cheaper relatively than ever before, with some mid size hatchbacks up to £4000 cheaper than they were 3 months ago, the fact that the car is newer and the warranty is longer and mileage lower the value to my mind would be to start your search here first and work down if necessary.
The last thing you need having bought a 6 yr old car with 80k and a spurious warranty which covers little is to have any mechanical issues which could potentially negate any savings made up front.
Be cautious, shop around, be informed but nail a good deal whilst you can.