The latest market review from mycarcheck.com focuses on the lack of low mileage vehicles circulating in the used car market.
The Head of Valuation Services at MyCarCheck.com/trade/, Gavin Amos, explains in detail that this May:
“The shortage of good, low-mileage 2-4 year old stock continues, with any units sold increasingly difficult to replace.”
But how much does low mileage really matter to the buyers of used cars?
If you’re in the business of selling second-hand cars, then vehicles which have the following could make them attractive to buyers, regardless of the number of miles on their clock:
Insurance Groupings and Road Tax:
With the cost of running a car being the main cause for concern when consumers look for a new vehicle, being able to pick one up that will attract low quotes for insurance and road tax will be a bigger selling point than how far the car’s already travelled.
Fuel Efficiency and Environmental Friendliness:
The cost of running a car comes a very close second to the cost of insuring it. As Amos explains, quality drives like the “old 7 Series BMW and early Mercedes ML are now considered ‘too big and dirty’” and are failing to compete against 4×4 vehicles with more affordable running costs like the Audi Q5 and Range Rover Evoque.
With petrol prices at an all-time high, cars with efficient fuel consumption are increasingly attractive to buyers. If the cars on your forecourt achieve high mpg or have fuel efficient tyres, boast about it.
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Owner and Service History:
While used vehicles with low mileage that are 2-4 years old are proving scarce, an older car could prove just as interesting to a buyer if it has a good service history and minimal number of previous owners.
Buying a car that is likely to last, doesn’t necessarily mean choosing one which has the least number of miles on the clock. One which has been well looked after indicates that it has plenty of life left in it and when it comes to investing in a car, this is what counts to the average buyer.
Safety Features and Design:
Running costs and reliability are the main factors taken into consideration when buying a car, but that doesn’t mean that comfort and accessories don’t play their part.
Vehicles like the Ford C-Max which have ample boot space and leg room, or the Volkswagen Golf which is crammed with technology will all appeal to a driver who intends on enjoying the drive they’re buying.
Being able to up-sell the detail as well as the car’s major selling points could be what makes the difference between a buyer driving away with, or walking away from, your stock.
As the cost of owning and running a car shows no sign of declining any time soon, vehicles which meet these criteria are likely to hold their value for longer and that alone, could contribute to a buyer making a purchase, perhaps with the intention of returning it for part-exchange in the future.
Plus, stocking your forecourt with some of these more popular, low-cost cars will attract lower premiums for your motor trade insurance.
Cars from the last 5 years can do more miles than its predecessors therefore a decline in “low mileage” vehicles does not mean the end of the second hand motor trade business, with the helpful tips above there is no reason why this shortage should have a long term effect