Motor Industry News
MyCarCheck.com Used Car Market Overview July 2012: Grab a bargain 3 Series, Jaguar XK8 or Audi A4… if you can handle the running costs
MyCarCheck.com - the UK’s No.1 vehicle provenance website - has saved millions of people from making an expensive used car mistake. In these monthly bulletins its Valuation Team’s used car expert, Gavin Amos, outlines the most significant trends in the UK market.
Mr Amos commented: “The summer slowdown has begun. Historically, as we head into July, buyers concentrate on spending their hard earned cash on a holiday rather than a car. This year, Euro 2012 and the upcoming Olympics are additional distractions. However, sales rates and values have not fallen off by as much as usual so far this year. Buyers are doing their homework and looking for a deal in the traditionally quiet periods.
“In general, a shortage of good 3-5 year old stock means that supply is only just meeting demand. To tackle this, more vehicle manufacturers are supplying their own fleet cars (ex-management cars, for example) directly to their dealers, rather than sending them to auction. It is a great way of getting quality used vehicles into their networks and this way of doing business is becoming more and more popular.
“Consumers prepared to buy at auction should not be put off by minor damage – in fact, such cars are really worth keeping an eye out for. Professional dealers often dismiss them automatically because they want ready-to-retail stock, but the value drop on a car with a minor bumper scuff could be far more than it would cost to repair – a potential bargain.
“On average we have dropped values by around 1% for July, but we have reduced the value of certain prestige models by much more. Those over 4% cheaper this month include 8-10 year old petrol 3 Series coupe and convertible, Jaguar XK8 and A4 Cabriolet. If you can handle the ever-increasing running costs, the sticker prices for these cars are seriously tempting.”
Over the last couple of years, MyCarCheck.com and MyTextCheck delivered around 4.5m consumer checks. Parent company CDL performs over 1m vehicle data checks a day for companies including AutoExpress, CompareTheMarket, Go-Compare, Moneysupermarket, Swiftcover and WhatCar?.
It uses up-to-the-minute information from the Police National Computer (PNC), the Driver and Vehicle Licensing Agency (DVLA), the Association of British Insurers (ABI) and major finance houses including Lloyds TSB.
Know what you’re getting into: MyCarCheck.com