Used car deals are no longer an exception. They’ve gradually become the rule in the UK. This has not only been a beneficial development, but also brought along a lot of problems. At Concept Car Credit, we often hear from new customers about the bad experiences they’ve had with other dealers. For example, many cars simply do not live up to the claims made in the ads. In other cases, a loan can turn out to be a lot more expensive than initially described owing to a lot of fine print.
This is not to say, however, that you should shy away from used car deals. If you do your homework and know exactly what you want, you can still find an excellent, reasonably priced car.
Statistics: More used car deals than ever before
Why have become used car deals become so exceedingly popular of lately? There are many different reasons, as The Guardian already pointed out in 2013. Cheap credit and more flexible lending arrangements are obviously among the most important ones. What’s more, UK customers are turning towards smaller, more fuel-efficient cars, which are more affordable than SUVs or the big station wagons from a few years ago.
Even more incisively, the market has been flooded with cars. As a result of this massive supply, prices especially for used cars have gone down considerably. And that, in turn, has fuelled interest in them. As a result, the average age of cars on UK streets has gone up by 18% between 2006 and 2015, as reported by statistics portal statista.
Used car deals: Recommendations
If you, too, are looking for great used car deals, be warned, however. Getting one may not be quite as easy as you may think. The reason is that many dealers have become quite risk-averse and may turn you down because of a poor or less than perfect credit rating.
Here are some suggestions on how to improve your chances of finding a cheap loan:
- Make sure you come prepared. A bad credit rating may make used car deals harder to come by, but it certainly doesn’t preclude the possibility outright. What matters is that you can explain your problems and demonstrate that you’re currently in a good position to pay back your loan.
- To do this, you can take some sensible steps towards financial health. Reduce your expenses, for example, and pay off as much debt as you can. Every bit can improve your chances. You can find more information on the subject in our article ‘Getting your finances in order“.
- Do some research on which used cars offer best value for money. Spending a few Pounds more can mean less problems, less repairs, a better resale value and generally a better performance. On the other hand, you should also take a look at cars that might not be particularly trendy, but offer excellent conditions at a reasonable price.
- The web has significantly improved comparability. Check out a dealer’s website before you visit them and inform yourself about what they have to offer. This will help you make a more informed decision.
- Used car deals depend as much on finance as on personal rapport. Take a friend or your partner along with you to support you and provide you with a second opinion on whether a particular dealer is trustworthy.
At Concept Car Credit, we’ve championed affordable used car deals for many, many years. You can use our virtual showroom to get a taste of what we have to offer for you, but it’s probably a better idea to drop by in person and take a look for yourself. We’re always more than willing to help.