With the new 24 number plates coming out at the start of this month, now is a good time to look at the used car market. You are more likely to find some excellent recent trade ins. It is also really good timing as well that Warrantywise is about to reveal their 2024 Reliability Index. It can give a great insight into which vehicles to target. If you are involved in car broking, it is essential reading.
The rankings
The extended warranty provider gives ratings to second hand vehicles that are 4-10 years old. So, in this latest index that means they are models from 2013-2019. You can check the rankings to get an idea of which cars you should be considering if you want a reliable used vehicle.
To give a fair ranking, Warrantywise look at a number of crucial factors. They consulted data from claims between 2020 and 2023. Here, they had a look at average vehicle age and average mileage when faults develop, repair frequency, and average labour time. The data can help buyers and car brokers to find quality vehicles that should have good reliability.
The most reliable car
According to the rankings, the best model to go for in 2024 if you want a reliable second hand car is the Toyota Yaris. It got an impressive reliability rating of 89.0, edging out the models in second (87.8) and third (85.9). As a result, expect to see a lot of people looking for them if you work in car broking.
The Yaris has a lot going for it. Its third generation model (from 2011 to 2019) has a reputation for durability and longevity. Part of this is because Toyota commits to quality control and manufacturing excellence.
According to the data, the Yaris has minimal repair costs. On average it costs £604.50 to repair. However, the highest repair bill was £2,887.20.
Top three
The second most reliable model for 2024 according to the data is the Suzuki Swift. As we said, its reliability score was 87.8. Both current and previous generations of the car qualify here.
The Swift is an excellent choice in terms of durability and economy. It has a reputation as being inexpensive to run thanks to its compact size and low weight. The highest repair bill during the period was also lower than the Yaris at £2,410.98. As a result, it can be a great choice and one you will likely encounter a lot if you do car broking.
Rounding out the top three with a reliability score of 85.9 was the Mazda2. This covers the last generation of the model.
The Mazda2 is a really interesting alternative here. When it was on sale in 2014 onwards, it was a good rival to the ever-popular Ford Fiesta. They are reliable, but repair costs are higher than the Yaris and Swift. The highest bill in the period was £3,600. However, repairs are infrequent and they are cheaper to buy used, so it can be worth the chance.
Car broking can be a wonderful business opportunity
The UK has a really great second hand car market. People can find reliable used vehicles for all kinds of needs, from daily runabouts to commercial use. If you are looking, it is best to think carefully about what models will give you the best chance for reliability. In addition, think about the age, mileage, and repair history.
Car broking can be a fantastic way to get involved in the second hand car market. It can provide fantastic rewards too, with commission for every single deal you can help to arrange. You can learn more about it on our website or contact us. We also have excellent materials to help you be a successful broker.
