‘Experian AutoCheck Used Car Report 2012’ - inaugural study into the private used car marketplace revealing purchasing trends amongst young and old, men and women
London , 26th July 2012 - Forget images of battered bangers sold for a few hundred pounds with a tank of petrol thrown in – the average price of a privately-sold used car is now over £6,000, with high-end cars like the BMW 3 Series and Audi A4 among the top models bought and sold, new research from Experian AutoCheck reveals.
One in five buyers (20%) now spends more than £10,000 on a privately-sold car, rising to 29% of buyers aged 55 and older. Yet bargains are still to be had, as 13% of buyers spend less than £1,000.
Experian AutoCheck is the vehicle data checking service from global information services company Experian and these figures form part of the Experian AutoCheck Used Car Report, an inaugural study into the private used car market.
Based on a survey of 1,800 used car owners who have bought a used car from a private seller in the last 18 months, this report is the first of what will be an annual investigation into the private used car marketplace. Due to the nature of these transactions, this area of the automotive industry is difficult to monitor and the aim of this report from Experian AutoCheck, was to develop some real insight into this area especially into the customer experience when buying privately.
Among the key findings in the Experian AutoCheck Used Car Report are:
The report also identified the most commonly bought cars from private sellers, with the BMW 3 Series and Audi A4 rubbing bumpers with more modest cars like the Ford Fiesta.
Top 10 used cars bought privately are :
Peter Turner, Managing Director of Experian Consumer Services, UK&I said: “Private used car sales have always played a significant role in the automotive sector, with current estimates from the Office of Fair Trading and British Car Auctions that private sales account for up to 40% of all used car sales. Combined with the insight gained from this report, we can assume the value of this element of the sector to be in excess of £16.7billion.1
“Due to the nature of this part of the used car market, it can be something of an unknown entity for consumers and therefore difficult to regulate. For anyone considering purchasing a used car privately, the motto caveat emptor – let the buyer beware –holds true. In order to fully reap the many benefits of purchasing privately, not least of which is the cost saving, people need to ensure they check the car thoroughly – not just its bodywork, but its history.
“Together with Experian’s extensive data resources and external information, including data from the Police National Computer and finance and insurance companies nationwide, Experian AutoCheck’ 26 comprehensive checks into a vehicle’s history, help consumers buy a next used car with confidence. Through our survey, we found that buyers who didn’t use a vehicle checking service like Experian AutoCheck, were five times more likely to discover the car they had bought was stolen, four times as likely to find it had outstanding finance or was a ‘cut and shut’ – and twice as likely to find that the mileage had been altered.”
Experian AutoCheck Used Car Report 2012 – further findings:
Repairs and maintenance
What we pay
What really worries us
To request a printed of PDF copy of the Experian AutoCheck Used Car Report, please contact Joanne Leahy, PR Manager, Experian, Joanne.email@example.com / (020) 3042 4089
For more information, visit http://www.experianplc.com
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