A lot of people look to the used car market in the UK to find the perfect vehicle for them. It could be something for day to day use in the city or a larger, family car for commuting. Whatever the case, you can likely find a good second hand model for a great price. Car brokers can help here, supporting dealers and private buyers.
However, experts are urging people to think about timing before they buy in the current climate. We want to have a close look at this to see why they are urging caution.
The market conditions
Overall, it would seem like a good time to buy a used car at the moment. Prices have been cooling recently, finally easing after an incredible 40+ months of rises. Since towards the end of 2023, they have been dipping slightly.
Cheaper prices generally attract more attention from potential buyers. This seems to be the case at the moment, with Auto Trader reporting a massive 85.5 million visits to their website in Jan 2024. So, there are plenty of people looking for a bargain. These might even be buyers who have held off for a few years because of the price rises.
However, the situation isn’t as positive as it seems. There are a number of concerning factors buyers, dealers, and car brokers should also consider. For one thing, we’re seeing fuel prices start to rise again. There is likely to be further increases in the coming months. This will push up the cost to run vehicles. Anyone considering second hand cars that aren’t fuel efficient or ones with larger engines should be cautious.
Secondly, is the looming General Election. It will happen later this year, potentially as early as May. It could bring some big changes that will have an impact on drivers. Plus, the political uncertainty generally causes a dip in buyer confidence.
What to do?
If you do want to commit to buying now to benefit from the lower prices, you need to be sure you are getting a good vehicle and a great deal. Make sure you consider the following or speak to car brokers.
The price – do some research to see how the prices have changed recently. You may be looking at a model that is holding its value better than others. Or you may be choosing one where the prices are very attractive at the moment.
Vehicle details – always consider crucial things like the age of the car, mileage, type of engine, colour, and features. This will help you to choose the best possible vehicle. If you can find the dream combination of low mileage, petrol engine, popular colour, and extras, you could have a winner.
Service history – this is so important it gets it own mention. Even if everything looks great about the vehicle, make sure it has a continuous service history. You want to be sure you can look at every service since the vehicle was new. As a result, you can get an idea of how well it has been kept and any concerns or replacements.
All of that should help you to find a great vehicle. Then, you can negotiate to ensure you get a price you are happy with.
Want to join the UK’s selection of car brokers?
Auto Car Brokers is a unique business if you want to try your hand at broking. We have a lot of experience from our years as a broker in the UK and US. So, we know how to start a business and do all the important things like searching for good quality vehicles. The support and materials we can offer can make it easier to set up your own business.
If you would like to learn more about car brokers and why it is a good opportunity, browse our website. You can then view the resources we offer. Plus, if you need more info or have questions, you can contact us.
