Used Car Market - Direct Sale
|   Tuesday, September 11, 2012
When you are looking to buy a new car, you have many options for where to look for your new ride. It is easy to find plenty of second hand cars for sale online and at dealerships, and these two options are often very practical too; you know where to look and both are generally very trustworthy.


However, another large section of the used car market goes to the direct sale from individual to individual. This sector of the market is relatively large, accounting for almost 40 % of all used car sales, and the value of this sector has been recently estimated at £16.7 billion.

In the UK, for instance, used cars buyers are much more likely to go for a high-end, luxury brand than for a budget option, at least when they are buying from an individual.

According to a study recently carried out by credit company Experian Autocheck, used cars buyers in the UK now prefer high-end vehicles to older, cheaper models, and on average they spend more than £6,000 on their ‘new' used car when buying it from a private individual.
In fact, a significant proportion of individuals spend more than that figure; 20 % of used car buyers spend more than £10,000 on a used car from a private owner (rather than from a dealership).

Yet, the study found that used cars buyers in the UK are predominantly motivated by price when they choose to buy a used car from an individual. With this in mind, it follows on that a wide majority (8 out of every 10) of used car owners have always owned used cars, and never purchased a new car from a dealership, which can be quite expensive.

As can be the case with any major purchase, sometimes problems arise when individuals purchase cars from other individuals. However, these problems do not seem to be very prevalent, thankfully. Only 8 % of used car buyers reported that the seller had not disclosed the full extent of any damage to the car, or that seller had knowingly provided parts that were damaged or faulty.

However, 59 % of used car buyers noted that they had to undertake some repair to their car within the first year. This figure might be explained by the fact that these cars are, of course, used cars – and, with age, even the best car parts might experience some wear and tear and need to be replaced.

Yet, the study also found that many car buyers did not carry out even rudimentary checks of their used cars before the purchase. This is something that needs to change, and car buyers are urged to be more perceptive and inquisitive when they are looking at potential cars.

"Due to the nature of this part of the used car market, it can be something of an unknown entity for consumers and therefore difficult to regulate," said Peter Turner, Managing Director of Experian Consumer Services. "For anyone considering purchasing a used car privately, the motto caveat emptor – let the buyer beware –holds true. In order to fully reap the many benefits of purchasing privately, not least of which is the cost saving, people need to ensure they check the car thoroughly – not just its bodywork, but its history."
PHOTO GALLERY
Comments:
Name required * Email required Email not valid *
Comment required *

Latest news
Sunday, August 19, 2018 10:30:31 Nissan is present at the Detroit Auto Show with a compact concept SUV called...
Saturday, August 18, 2018 10:25:17 Another Hyundai premiere at the Detroit Auto Show is the new Veloster N,...
Friday, August 17, 2018 10:20:24 The South Koreans from Kia presented at the Auto Show in Detroit the new...
Thursday, August 16, 2018 10:15:59 After a massive promotion campaign, the US subdivision of Hyundai has officially...
Wednesday, August 15, 2018 10:05:55 Acura boasted that the new RDX is 100% made in the United States and is...
Tuesday, August 14, 2018 09:54:10 At the core of the new VW Jetta is the MQB platform, which is already used...
Tuesday, August 14, 2018 09:50:38 General Motors held the world premiere for the new generation Chevrolet...
Monday, August 13, 2018 09:45:39 The Ram Trucks brand, currently belonging to Fiat Chrysler Automobiles,...
Sunday, August 12, 2018 09:39:52 Ford brought the new generation mid-size Ranger pick-up at the Detroit Auto...
Saturday, August 11, 2018 09:34:13 At the Auto Show in Detroit, American car manufacturer Ford celebrates the...