Shopping for a secondhand vehicle is notoriously difficult. Unlike buying a new car, you’ve got to consider the previous owner as well as general factors like make, model and size.
Still, you can save a lot of money by buying a used car over a brand-new model. New car prices are rising to almost £40,000 on average, thanks to a combination of inflation and the current focus on sustainability and electric vehicles.
On the other hand, used car prices are falling in 2023, meaning that you could potentially get a great deal if you choose a secondhand vehicle. The trick is to find the right car, at the right price, and make sure that you understand how the cost is calculated. You can then make sure you’re getting a good deal or negotiate the price to ensure that you don’t spend more than you should.
While you might know about the obvious factors that affect the cost of a used car, like the mileage and how old it is, there are actually a lot of different considerations that go into pricing a secondhand vehicle.
Here are some of the issues that can affect the price of a secondhand car and how buyers can make sure they get the best possible deal.
Geographical Location
Your location can significantly affect the price of your used car, so it pays to travel and explore all your options. A car that’s in high demand in one region might not be as sought after in another, so some models might be cheaper if you look elsewhere. Also, some regions are pricier than others because there are more wealthy buyers in that area. For example, the South West of the UK has higher house prices than the North or Midlands, so prices are often higher for almost everything in this region, including used cars. If you are shopping for a secondhand car in the South West, explore a range of dealers and be prepared to travel. Sellers like Motor City offer a range of used cars for sale in Plymouth, with great prices across a wide variety of makes and models. So, by travelling to a dealership like this, you could still get a great price, even if you’re buying your used car in a traditionally expensive area.
Modifications
It’s easy to think that a car that’s been changed significantly is guaranteed to be worth more, but that’s not necessarily the case. In fact, modifications can both enhance and decrease a car’s value. High-quality modifications that improve performance or appearance might increase the price for enthusiasts, while excessive modifications or poor-quality work could lower the value. When shopping for a used car, always be cautious and ask for details about any modifications. If they weren’t carried out by a licensed mechanic, then it’s worth getting one to look over the changes and make sure that the vehicle is still safe and roadworthy.
Rarity
Like everything, rare used cars can command a higher price tag, but only up to a point. Limited edition models or those with unique features can command higher prices due to their rarity. Conversely, if a car is too rare, finding replacement parts or qualified mechanics might be challenging, which might mean that you can negotiate a better price. However, you need to remember that you’ve got to own and run this car, so you need to make sure that you’re comfortable finding parts and caring for it. If you’re just looking for a runaround, then a rare model probably isn’t what you’re looking for, but it might have some good resale value and be a fun talking point, so it’s worth exploring.
Previous Owners
As odd as it might sound, a car’s value can potentially be influenced by the number of previous owners. A single-owner vehicle could command a higher price due to perceived better care, while a car with multiple owners might be priced lower. If you’re looking for a good deal, consider a car that has had a few owners but has lower mileage, as they have probably driven it less, and the car might be in better condition than one with fewer owners but more miles on the clock. If you’ve already found the perfect used car for you, but want to negotiate a lower price, then check how many registered owners the car had and see if you can use this as a bargaining chip.
A Final Word
When buying a used car, it’s easy to get wrapped up in how low the price is. While a lower price tag is preferable when buying lots of other items, things are a bit different when it comes to cars. Getting the best deal on a used vehicle isn’t just about the lowest price; it’s also about ensuring you’re getting a reliable car that meets your needs and will require minimal maintenance and upgrades. Make sure you do your research on the make and model you’re exploring, and always have a trusted mechanic inspect the car for any hidden issues. It might take time, but you’ll eventually be able to find the perfect used car at the right price and get out on the open road.
