Money News
| Typical APR | Per Mth | ||
|---|---|---|---|
|
7.6% | £199.66 |  |
|
7.7% | £200.10 | |
|
7.7% | £200.10 | |
|
7.7% | £200.10 | |
|
|
8.8% | £204.99 | |
| * Based on £10000 over 5 years and is not a full search of the whole market | |||
Trust and reputation are significantly more important to the younger generation (18-24 year olds) than to older ones when it comes to deciding where to buy their next used car, according to a survey from Experian, the information solutions company.
The survey also found that while those aged between 18 and 24 are likely to place more importance on trust and reputation, they're also more likely to buy from a private individual than from a dealer. However, going private is a riskier way of buying a used car, because there is even less guarantee that the seller is the genuine owner and the car is a legitimate car.
For example, last year the total number of cars classed as write-offs by insurance companies, increased by nearly 9%. Of all those deemed to be write-offs, nearly 30% were regarded as too dangerous to return to the roads. Yet some of them still did. These are unlikely to have been repaired safely and could potentially be very hazardous if involved in a further bump.
The remaining 70% of write-offs are usually uneconomical to repair and so their value drops significantly. But many can still be found floating around the used car market at higher prices than they're worth. With this in mind, one way for young consumers to protect themselves is by carrying out an AA Car Data Check.
"Whatever the price of the vehicle, getting an AA Car Data Check done to ensure its integrity and an AA Vehicle Inspection to ensure the car is not going to end up costing you more, is a very small price to pay," says Kirk Fletcher of Experian.
15 July 2008 © Moneyextra.com
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