DATA from AutoTrader.co.uk reveals that demand for cars under £1k now exceeds current levels of supply.
The UK’s top 10 bargain cars receive more than 30,000 daily searches on AutoTrader.co.uk, yet there are only 4,000 cars available to meet such high levels of demand.
The disparity is further highlighted by the UK’s most wanted bargain vehicle, the Vauxhall Corsa, which receives more than 5,000 daily searches compared to 500 available vehicles.
The Vauxhall hatchback is followed by Ford’s Fiesta which receives more than 3,700 searches compared to 659 available vehicles. And number 10 is the Fiat Punto – 2,026 cars versus 380 available cars.
The data suggests that it’s a seller’s market for bargain cars and indicates that now could be the ideal time to get the right price for a popular lower value vehicle. For those looking to get the right deal for their bargain car, Auto Trader offers the following tips:
Take good quality photos – they make it far more likely that you’ll have a successful sale quickly
Ensure your ad reads well – sell your car’s strong points without exaggerating
Avoid jargon – terms like ‘metallic red’ are far more effective than ‘Fire Opal’ for example
Highlight the car’s assets – include key features and desirable equipment in your advert, such as leather seats or air-conditioning
Research a fair price – compare your car to similar models for sale privately on Auto Trader
Consider the condition of your car – compare mileage, age and features against similar cars and adjust your price accordingly
Expect to haggle – buyers expect to get some money off so have your lowest price in mind and stick to it
Ensure any buyer is suitably insured for test drives – if not fully covered by their normal insurer they should obtain temporary car insurance for the test drive. Ask to see proof first
Take precautions – never leave the buyer alone with the car keys and turn off the engine if you swap drivers
Take advantage of offers with no final value fee – such as Auto Trader’s £9.99 deal specifically for bargain cars:
‘As rising running costs continue to affect motorists in the UK, shopping for smaller and lower priced cars has become increasingly competitive,’ said Ian MacDonald, e-marketing manager at Auto Trader.
‘The flip-side of our data, however, provides a silver-lining for those looking to sell their car as there’s never been a better time for it. We know how much every pound counts with bargain car sales, so it’s important that motorists look around for the best deals to ensure they keep as much of the profit from their sale as possible.’