Auto expert Dom Littlewood had more advice for anyone looking for a bargain in today’s used car market, as he appeared on Morning Live today. With tips including why the end of the month is the best time to buy a car and his rationale for skyrocketing prices, Littlewood had a lot to offer.
Speaking of the huge increase in the value of used cars, Littlewood explains: “Many parts are made in Ukraine, especially wiring harnesses.
“So actually cars aren’t being made as fast as dealers want them to be.
“Dealers don’t get the new cars, which means they don’t sell them, and people stick with used cars.
“They are increasing in value. I’ll give you an example. In January the average price of a Toyota Auris was just over £10,000 – this year it’s just under £17,000.
“That’s a 69 percent jump as demand exceeds supply.”
READ MORE: Drivers furious over sunglasses rule that could face £5,000 fine
He said: “The end of the month is always good because dealers have a target to meet.
“And if you’re lucky, you might make it to the end of the quarter. You don’t know when that will be, of course, but that’s when they need to clear out their inventory, especially the one they paid for.
“So yeah, end of the month, end of the quarter, perfect timing to go in and aim low.”
Littlewood told viewers about important regulations that could save thousands when buying a car.
Meanwhile, the wholesale price of used cars fell 5.9 percent last month as the cost of living, economic pressures and the war in Ukraine took their toll.
Although prices are still much higher than in the same period last year, this is a sign that the increase is likely to come to an end.
Stuart Pearson, the chief operating officer at British Car Auctions (BCA), said fears had been realized in early April that buyers and sellers’ expectations were “drifting apart” after the average used car sold for £9,340 last month-month- on-month reduced by £595.
He said: “Last month we raised concerns that sellers and buyers were at risk of drifting apart in March, and while there was an initial positive step, the reality is that towards the end of the month things are drifting again. were, with the final published move to April lagging far behind what the general market saw.”