Virgin Car Insurance - Driving down cost, not cover

Virgin Car Insurance - Driving down cost, not cover

Used car buyers seek out luxury models

01/08/2012

Used car buyers seek out luxury models

Higher car insurance premiums for top-end models are no deterrent when it comes to choosing a used car, a survey has revealed.

Financially savvy motorists buying second-hand from a private seller pay on average £6,000 for their vehicle, according to the poll by information service company Experian.

Among the most popular models snapped up in this way are high-end cars such as the BMW 3 Series and the Audi A4.

Experian questioned 1,800 used-car owners who had bought a second-hand vehicle from a private seller in the past 18 months and found that eight in 10 had never owned a new car.

The single most significant reason behind a used car purchase is price, followed by the make or model of the vehicle and the mileage. Motorists will have owned, on average, 10 used cars by the time they reach 55.

Not all private sales are completely above board, however, with 8% of purchasers reporting that the seller had failed to disclose details of faulty or damaged parts. Meanwhile, almost six in 10 (59%) buyers had to replace or repair some parts within the first 12 months.

Copyright © Press Association 2012

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