Low emission vehicles top poll for used buyers

Used car buyers are increasingly looking for fuel efficient low emissions cars on dealer forecourts.

A new survey of 1,000 consumers from Exchange & Mart found 43 per cent are searching for a car with better fuel economy and a lower tax bracket.

But 26 per cent of used car buyers haven’t been affected by the economic climate and 14per cent said they are seeing a greater number of bargains available to them.

The poll results come as auctions and car price guides report record results in the used car market.

Average used car values rose in February for the fourth consecutive month, according to the latest BCA Pulse report.

February saw an £435 average rise against January (up 8.4 per cent), which was itself £300 up on December’s figures. Since October last year, average car values have improved by 17.9 per cent.

The used car market has seen steep rises in residual values, according to Cap Black Book. Used car dealers are reporting strong retail demand and paying up to £500 more for a three year old volume car than at the start of the year.

The March edition of Black Book sees late-plate cars “especially strong”, because the weak new car sector has reduced the supply of used vehicles.

“When asked if the economic climate has affected their ability to buy cars over a quarter of those we surveyed said no,” said Debra Healy, digital director of Exchange and Mart.

“However, a number of people have felt the impact with 14 per cent saying they won’t be able to buy a car until things improve. 15 per cent are opting to shop around for a lower value car, while 18 per cent have chosen to look for cars that are cheaper to run. Only 9 per cent say there are fewer cars around that meet their needs.

When it comes to selling cars, 24 per cent haven’t felt the impact of the economic downturn, but 15 per cent say the value of their car is lower than they had hoped and 16 per cent think it will take a long time to find a buyer.