The average price of used cars in the UK rose by 4.7% in 2012, according to a poll of resale prices, with the average value of a used car rising to £6,199 in 2012, compared with £5,841 in 2010.
The increase has been blamed on the stock shortage caused by depressed new car sales since 2008. The increased competition is likely to have a significant impact on the value of used cars going forward.
Not only that, but consumers are increasingly looking for a good deal, with affordability being the main priority when purchasing a car. Three-quarters of car owners plan to replace their current car with a used car, placing yet more pressure on the used car market. However, there has also been a drop in car owners who are likely to invest in a new (to them) car in 2013, perhaps because of the rise in prices and the ‘make do and mend’ attitude that has been fostered by recent economic trouble.
Of course, there’s still the possibility of getting a good deal on a used car; the key is to shop around and to be flexible. Making a list of your essentials and identifying the areas you are not willing to compromise will help you to find the right car for you. At Motors.co.uk we check a car’s past before it is listed on the site, reducing the risk of you buying a faulty car; however, it is also important to check the car’s documents and history yourself. Always go for a test drive before committing to buy, and you’ll be sure to bag yourself a bargain rather than a burden.