More than a third (36%) of drivers admit they haven’t checked whether their car has been involved in a previous accident, according to new research from Close Brothers Motor Finance.
With more than half (55%) of motorists planning on buying a car in the next 12 months, of which 21% will look into a second-hand model, Close Brothers Motor Finance reveals the key things drivers should be checking before driving out of the showroom. 22% of drivers will opt for a new car, and 12% will look into both (new and used).
The research, which looked at what car buyers check when purchasing a second-hand car, found that one in five (22%) don’t check the mileage, and a similar number do not check the MOT history of the vehicle (29%). More than a third (37%) don’t check the service history before buying, and half (50%) don’t check whether the vehicle has been modified.
What drivers fail to check before purchasing a second-hand vehicle:
● Mileage - 22%
● MOT history - 29%
● Whether the vehicle has ever been involved an accident - 36%
● Service history - 37%
● How much the insurance would be before purchasing - 41%
● Number of previous owners - 43%
● Whether the vehicle has any modifications - 50%
The research also looked into the factors that are driving used car purchase decisions. The cost of the car itself remains the largest factor for 65% of motorists. Fuel costs also weigh heavily on the buying process for 44% of drivers, followed closely by road tax costs (42%). Two-in-five (39%) research the general maintenance costs before purchase, and 16% factor in the cost of regional charges such as London’s Ultra Low Emissions Zone (ULEZ). Only one-in-ten (10%) buyers do not factor in anything in particular when looking at purchasing a used car.
John Cassidy, Managing Director of Sales at Close Brothers Motor Finance, commented: “Despite the fact that cost is the most important consideration for buyers of used vehicles, it’s somewhat surprising to see that many buyers chose not to carry out simple checks which could save them money in the long-term.
“Carrying out simple tasks, such as checking the mileage, fuel economy and service history of a vehicle, are quick and easy ways to ensure a car being purchased has less risk of becoming a financial ticking timebomb. Unfortunately the rise of car buying activity on online marketplace platforms means that there’s been an increase in consumers buying vehicles blind. Many motorists are also unaware that factors such as modifications have implications on insuring a vehicle, potentially leading to higher premiums.
“Motor finance providers such as Close Brothers Motor Finance, ensure that history of a vehicle is checked before a finance package is provided, giving customers peace of mind that the car they are buying is of a good standard, reducing the chance of any costly surprises further down the line. Dealers will be able to support customers with any enquiries relating to a vehicle, and will assist with carrying out basic checks to ensure buyers are getting a safe vehicle for their money.”
