In the UK, buy a used car in October
Automotive data experts cap hpi have been looking at the ideal time for buying a used car in the UK. New vehicle registrations hit a record high in September with official industry data showing that 469,696 vehicles were registered in total – a 1.6% rise on the same month last year and the highest number of motor sales on record for a September, which is always traditionally a bumper month for car sales with the arrival of a new number plate.
Philip Nothard (photo), retail and consumer specialist at cap hpi said: “High levels of pre-registration activity as highlighted by the busiest September on record is putting pressure on cash flows. The fact that 100,000 registrations took place in just one day at the end of September shows that the market undoubtedly included a significant number of dealer registrations. This means that in the period direct after a flurry of activity that there is an optimum time for consumers to snap up a used car bargain, which is effectively now. There is evidence that trade values are beginning to show signs of easing, as increased volumes and softer demand tips to ‘supply and demand’ balance”.