The New Car Market Continues to Grow
With September just gone being the 43rd month in a row that has shown growth in the new car market and with the release of the 65 plate this month, more and more people are buying new.
As the country slowly but very surely leaves behind the ‘Great Recession’ that affected us all several years ago, headway is being made into getting the economy booming once more and getting people spending. Statistics released by the Society of Motor Manufacturers and Traders (SMMT) show that in August there was a near 10% increase in new car sales over that of the previous month.
The New Cars Market Is A Used Cars Market
With many companies now offering increasingly competitive rates for new cars to lure in more customers and maintain this upwards trend in economic growth, the good news is that with so many people upgrading this will mean more used cars being added to the market adding to your range and scope of choice.
Buying a near new or used car could be the best option going forward as most new cars can depreciate in value up to 40% within their first year, according to the AA. By saving yourself this sharp sting in depreciation you could acquire a bargain with minimal effort.
The national, average age car owners are trading their cars in is 7-8 years. This age of car means that with the release of the new 65 plate this month it could mean an increase in the number of 57/58 plates coming on to the market. Couple this with additional stats released by SMMT showing that used car sales have also spiked means that more and more young cars are appearing on the used car market.
A key factor in the purchasing of any car, whether new, near new or used, is its longevity and long term cost. With tools like the CAP website offering free car valuation information at your disposal you can quickly and easily check whether buying any potential car is worthwhile in the long run.
A Few Things To Consider
- Does the car you are looking to buy offer value for money now or long term? If only now is acceptable, are you going to have to make the same move in the near-future to maintain value, giving yourself undue hassle?
- Look to cars that hold their value longer and that could be desirable to future buyers as and when it becomes time to sell up and move on.
- Stick by your guns. If your intention is to buy a five door family car and you end up with a two seater roadster something has gone wrong! Happy though you may be, your family may not be so enamoured.
There is a lot of misinformation on the internet and it’s very easy to get lost in the mammoth of text, statistics and figures out there. Philip Paul pride ourselves on being a trustworthy, reputable source for our customers, hence the best advice we can offer is for you to do your research and cover your bases.
We offer our industry knowledge and expertise in helping you drive away in your perfect car-- and only your perfect car will do. With so many near new cars to choose from, take your time and find it.