March sees an increase in used car stocks as owners exchange their older vehicles for new ones with the first new registration of the year. A recent poll found that over half of the UK driving licence holders surveyed would prefer to buy a second-hand car in 2024 to save money. This is particularly relevant as consumer budgets are under pressure with looming increases in household bills. Female drivers and those aged 25-34 are the most likely to opt for a used car to save money compared to their male counterparts and drivers in other age groups.
Research found that 40% prefer used cars to avoid initial depreciation. 32% find a large choice of vehicles while 26% can buy from forecourts. 20% don’t want to wait for delivery. Used cars provide reviews and experiences that help in decision-making.
A recent survey found that almost half of those who prefer to buy second-hand cars choose to purchase from reputable dealers, rather than private sellers on social media. They believe that established dealers are more trustworthy and offer better quality assurance. Buying from dealers also gives them more legal rights and access to dispute resolution services. Many respondents also prefer to visit physical showrooms to inspect the cars in person and learn about their history. Finally, buying from dealers can provide the opportunity to purchase an extended warranty agreement to cover costly repairs later.
One-third of survey participants would avoid buying a second-hand car from a private individual. Instead, they would prefer to buy it from a seller accredited by The Motor Ombudsman. The survey also revealed that 46% of respondents would opt for a petrol model, while 26% would prefer a hybrid car, 17% a diesel variant, and only 10% would consider an electric vehicle.
Bill Fennell, Chief Ombudsman and Managing Director at The Motor Ombudsman said: “Several million used cars change hands each year, and the second hand market, for some consumers, provides a more affordable and accessible proposition.”
Bill added: “To help steer consumers in the right direction as they embark on their used car buying journey, our handy reference guide has been designed to outline some of the key considerations, from initial research to extended warranties, and to act as a useful prompt for questions to sellers before signing on the dotted line.”
To view and download the Motor Ombudsman’s #DrivingDecisions Used Car Buying Guide, you can visit their website here… www.themotorombudsman.org/used-cars.
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