Used-car concerns increase
Nearly half of all used-car checks in January flagged up at least one issue.
Figures released by My Car Check revealed that 48% of checks last month identified a problem, a six per cent rise on the same month last year.
The most worrying trend was the 16% year-on-year increase in the proportion of finance checks prompting further investigation. Further, with the average retail value of cars up by £758 over the last 12 months (from £7,072 in Jan 2015 to £7,830 in Jan 2016), the cost of making a mistake has never been greater.
Roger Powell, head of My Car Check, said, ‘These new figures illustrate the changing nature of used car buying, particularly in the private marketplace. The popularity of Personal Contract Purchase (PCP) finance has increased the risk of buying a second hand car with thousands of pounds of debt attached to it. Our checks reveal a vehicle’s full history, helping buyers to make more informed decisions and avoid costly mistakes.’
CDL Vehicle Information Services, which owns My Car Check, performs more than a million look-ups a day for companies including AutoExpress, CompareTheMarket, Go-Compare, Moneysupermarket, Swiftcover, Tesco and WhatCar?.
It uses up-to-the-minute data from the police, the Driver and Vehicle Licensing Agency (DVLA), the Association of British Insurers (ABI) and all major finance houses, including Lloyds TSB and Santander.