The economic downturn has turned British motorists in to such good barterers that they haggled an average £939 off the price of a car, according to the Q3 2012 Auto Trader Owners’ Guide. Men apparently drive a harder bargain than women when it comes to price, on average saving £300 more than female car buyers.
The Auto Trader Owner’s Guide is a quarterly in-depth examination of the automotive marketplace and what it means to car buyers, owners & sellers. The latest findings show how far the market is currently skewed towards buyers, with three-in-five motorists paying under the asking price for a new or used car in the past quarter (July-September).
Nathan Coe, Group Director of Auto Trader, said: “With so many sellers getting less than they were expecting for their cars it raises the question of whether this is people not valuing their cars appropriately or whether it’s buyers taking advantage of a weak market. Everyone knows buyers look at the state of the market before they purchase, but consumers have a lack of understanding about accurate pricing when it comes to selling. Sellers should do research through online valuation sites to prevent disappointment.”
Auto Trader’s Retail Price Index, which tracks the average asking price of used cars, indicates that the situation is starting to improve for sellers. Nathan Coe continues: “While it is a good time to buy, the market is starting to turn so buyers should not be complacent. Those who are willing to do their homework will usually get the best deals. It’s advisable to research the price and specifications of cars online ahead of making a purchase so buyers are armed with the knowledge and confidence that enables them to make more informed decisions.”
You can download the full Auto Trader Q3 Owners’ Guide here and check out some of the key facts below…