September’s 62-plate sparks ‘nearly new’ used car discounts

MyCarCheck.com's monthly bulletin by expert Gavin Amos outlines the most significant trends in the UK market.

Mr Amos commented: “The past few weeks have seen an increase in both retail and trade activity due to the new 62-plate in September. As always following a new plate month, all other cars suddenly seem that bit older. As such, we predict a value drop of around 3% across the used car market in October, with certain older undesirables like the Mondeo, Vectra and 406 dropping by as much as 5%.

“Thanks to the influx of part-exchanges, a lot of good quality used stock is hitting the market. Dealers are presenting ‘nearly new’ examples – anything up to a year old – as an attractive alternative for more frugal new car customers. Now is also a good time to consider buying at auction as lots of good clean cars are still appearing but many traders have reached their stock limits. If you are prepared to buy an ‘out of favour’ model, or something unusual like a strange coloured car, then chance your arm and bid low. Every car has a price! The most important thing is to do your research so you buy the right model with the specification and mileage to suit your needs.”

Whether buying at auction, via a dealer or privately, Amos says there have been definite changes in consumer behaviour this year. “The ongoing rejection of large-engined vehicles, and those in the high annual road tax brackets, continues to be obvious, but buyers are also looking for much more practicality,” he said. “The lack of interest in the coupe and cabriolet sectors has not just been down to the appalling weather this summer. Cars are becoming very expensive to own, with ludicrously high insurance costs and punishing fuel prices. Many buyers are therefore looking to cut their financial outgoings by replacing two vehicles with one dual-purpose model.”