Britain’s economy has endured almost unprecedented economic uncertainty of late, with the nation’s used car market bearing the brunt of this volatility. In fact, the used car sector declined by 2.1% to 7,945,000 million transactions in 2018, according to the Society of Motor Manufacturers and Traders (SMMT).
The spectre of Brexit has played a key role in this decline, particularly as the prospect of a no-deal becomes increasingly likely with every passing day.
Motorists in Swindon believe that car prices will increase by a staggering £3,000 in the event of a no-deal Brexit, making it incredibly difficult for people to achieve the best possible deal. In this post, we’ll ask you can negate this challenge and get the best price through an auto dealer.
- Buy Cars That are Least a Year Old and Understand the Importance of Value
The average new car in the UK is sold for around £28,500, but by the time it’s one-year old with more than 10,000 miles on the clock the price reduces to just £21,000.
This represents a decline of 27% in just 12 months, and while the car will continue to depreciate in value into the future it will do so at a far lower rate.
So, if you aim to buy a model that’s one year old, you’ll be able to dramatically cut the upfront cost without compromising on the age or overall performance of the vehicle.
When appraising the value of each individual model from an auto dealership, you can also check to see if they use B2B services such as CAP Hpi enabling them to offer a competitive and accurate price.
- Identify the Best Time to Buy
On a similar note, it’s important to understand that dealers often reduce and increase the cost of their vehicles at different points during the year.
Dealers often have to meet quarterly sales targets, for example, meaning that they’ll usually be keen on optimising sales volumes towards the end of March, June, September and December.
This means that they’ll be more willing to negotiate and compromise on price during these periods, helping you get a far superior deal that you would otherwise expect.
This is not the case when buying from a private vendor, however, so you’ll need to keep this in mind depending on when and where you’re buying from.
- Compare the Market and Leverage Deals
In many ways, negotiation relies on your ability to compare the market and leverage potential deals to secure superior value from dealers.
This process starts by reaching out to the dealers in your area, before asking them to provide you with their best possible price on your chosen model.
Then, you can take the best value deal and challenge other dealerships to improve on this, in order to secure your custom and convert the sale.
In truth, you can expand the geographical area in which you’d consider buying from, depending on how you’re willing to travel in the quest for a great deal!