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Used Cars Market in the UK: issues to watch out for from dealers |
The UK used cars market is as healthy as ever and is growing even more online due to sites such as motors.co.uk. A used car can offer huge savings on new and thus excellent value for money, as long as we are clued up on prices and entitlements. Glass’, the second hand car valuation experts, claim in a recent survey that 71% of people over-valued a 2 year old car, and alarmingly 40% valued it by over a third of the car’s real worth! 49% of people lack confidence in the negotiation process. As used car buyers we must be informed and know our rights.
The used cars market is a £24 billion pound market in the UK so it is subject to through reviews and extensive legislation to keep it legitimate. The Office of Fair Trading recently made a thorough report on the used cars market and the most distinctive findings were as follows:
Most of the glitches found in used cars come to light in the first 3 months of ownership. This brings into question the quality of some vehicles and the onus is then on the dealer to fix the problems. 30% of buyers who purchased a used car didn’t have these faults fixed after they had contacted the dealer, and consequently spent an average of £425 each to fix the faults. This amounts to £85 million per year in repair bills that the dealers should have fixed.
Some dealers masquerade as private sellers, meaning they can dodge legal obligations to the consumer. In their guise as private seller they may try to offload the illicit vehicles that they own.
One in eleven dealers uses illegal disclaimer like ‘No Refunds’.
One in four dealers fail to supply sufficient details about the dealers according to the OFT report.
The OFT have identified 50 companies who openly advertise mileage correction services. Illegal clocking could cost the consumer around £580 million per year in over payments.
The OFT has provided fresh guidance used cars industry in efforts to make sure that they abide by the Sale of Goods Act and Consumer Protection from Unfair Trading Regulations.
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