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More than seven in ten consumers (73%) are more likely to buy a used car this year than a new one, to help save money.
The Motor Ombudsman has reported that more than a quarter (28%) of respondents to his poll also explained that this would be their first experience buying a used car, have always bought new in the past (15%) or because they have never owned a car before (13). %).
Of those who will consider buying a used car in 2023, almost half (44%2) will turn to a private seller they don’t know to buy their next vehicle. The main reason cited by about a third (34%) of these consumers for pursuing this route, is that, in their view, individual-sourced used cars are often cheaper than visiting a retailer.
However, any savings made may be short-lived, the Motor Ombudsman warns, and could carry an additional element of risk for consumers, especially for those who are first time in the used car market.
Bill Fennell, managing director and chief ombudsman at The Motor Ombudsman, said: “In an era of rising bills, and ever-increasing budgets, it’s tempting for individuals to cut corners to let their hard-earned money go further. While it may be felt by some consumers that savings can be made in the short term by buying from a private individual, this could be a false economy, as repair bills can increase in the long term, and turning a car into a very expensive liability. What’s more, the Motor Ombudsman will not be able to ask for assistance to resolve consumer complaints if something goes wrong after taking ownership of the vehicle.
“Spending time to do research, and choosing an established Motor Ombudsman accredited retailer where used cars have undergone thorough inspection before being sold, is key. This is because, the buyer will have a completely transparent view of the condition and history of the car to make a fully informed purchase, and can avoid hidden and potentially costly surprises.”
When asked where they would look for a used car from a private seller, more than half (54%) said they would look online, while about one in four (43%) would ask family and friends if they had a suitable recommendation or contact. .
The Motor Ombudsman also revealed that, for the 73% of individuals who are more likely to switch to the used car market in 2023, preference in terms of fuel type is petrol (34%), followed by hybrid electric (18%), diesel (14%), and fully electric (6%).
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