A CAR FINANCE expert has revealed why April is a great time to buy a used car, and how buyers can save a bundle when looking to pick up a second-hand motor.
New number plates are released in the UK twice a year, in March and September, and last month saw the launch of new ‘23’ plates – which means you’ll now see plenty of the latest models on the road.
Buying at the right time could help save you a fortune on a used car
It’s an exciting time for those looking for a new car, but the introduction of fresh plates actually affects the pre-owned market, too – and makes it an ideal time to snap up a bargain.
When people start buying new cars, they often trade in their current motor, which means there’s more choice for buyers looking for a used deal – and this in turn helps to drive down prices.
Buyers can look to take advantage of this by negotiating a better price for the used car they want, according to Aidan Rushby – CEO of car finance company, Carmoola.
The cost of living crisis is biting hard, and with prices typically dropping following the release of new plates, it could be a smart financial move for anyone needing new wheels.
What are the benefits of buying a used car?
Lower price: The key draw to used cars is that they are generally cheaper than a brand new model, and with prices likely to drop as new models enter the market, buyers can save even more money.
Depreciation: New cars can lose up to 20% of their value in the first year of ownership – while used cars have already gone through that process.
Lower insurance premiums: Used cars are often cheaper to insure than new cars, which can save you even more money on your monthly premiums.
More choice: With a surplus of used cars on the market, you’re more likely to find the make, model, and year of car that you’re looking for.
Of course, it’s important to be really clear on what car’s right for you, so make sure you do your research to ensure you’re getting the best deal.
More supply of used cars means you should be able to bag a cheaper deal Read More