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Motoring news

Motorists saving nearly £1,000 when buying cars

05/11/2012

New research has revealed British drivers are saving almost £1,000 when purchasing new cars.

The study into the health of the car market, which was conducted as part of Auto Trader's Owners' Guide, found motorists were able to haggle an average of £939 off the listed price of vehicles during the third quarter of 2012.

The research also discovered 60 per cent of British drivers and car insurance policy holders paid less than the asking price when buying their new vehicle.

Nathan Coe, group director of Auto Trader told The Daily Telegraph the savings were down to a number of factors, saying, "With so many sellers getting less than they were expecting for their cars it raises the question of whether this is people not valuing their cars appropriately or whether it's buyers taking advantage of a weak market.

"Everyone knows buyers look at the state of the market before they purchase, but consumers have a lack of understanding about accurate pricing when it comes to selling. Sellers should do research through online valuation sites to prevent disappointment."

Auto Trader's research found men were better at getting a good deal on their new cars, saving an additional £300 on average when compared with female drivers. According to the study, prices in the third quarter of 2012 are also around £376 lower than in 2010.

Keith Lewis from the Society of Motor Manufacturers and Traders also commented to The Daily Telegraph about the benefits of purchasing a new vehicle in the current market, saying, "It's clearly a great time to be a car buyer - whether new or used - and this research shows the importance of really considering what you want from your new purchase, and how much you're prepared to pay for it.

"The more consumers understand what they're buying; especially given the whole range of safety, security and entertainment options available, the happier they will be when they do the deal."