Part-exchange revaluation

Buyers who ordered a car three or four months ago and have been given a price for their existing car should probably ask an important question of their supplying dealer that may save them hundreds of pounds. How? Well it’s been well documented that the value of used cars has continued to dramatically increase during the last six months and there are certainly no signs that this trend will be changing any time soon. In fact if you negotiated a deal where a dealer has allowed you a certain figure for your three year old 36,000 mile popular hatchback way back in July for changeover in September, your car will almost certainly be worth at least £500 more now, such is the recovery in used car prices.

Traditionally if a dealer cannot locate a new car immediately for a customer, or the buyer has specific requirements which mean a car needs to be built to the exact spec, or most likely that a buyer would rather wait for the new registration, the price of the trade- in would depreciate maybe £250 per month on the model mentioned. This means a dealer would either gamble in predicting the future value and stand on the price regardless or inform the customer that their car would need to be re-priced nearer the time of delivery. Of course this is rather confusing to many customers who rightly want to know exactly what they need to pay in order to climb into their brand new latest plate car. The great news this year is that, probably for the first time ever, your car over the last three months is likely to have risen in value. The shoe really is on the other foot now so don’t be afraid to ask for more or get a second opinion to ensure that you are getting the correct current market price for your car.

If not, kick up a fuss because you are entitled to receive an honest price for your car and one that reflects its true value.

Enjoy it while you can however as this will most likely be the only time ever that your car will be an appreciating asset.