New insight by cap hpi shows that the ideal time to buy a used car is the last week of October.
New vehicle registrations hit a record high in September with official industry data showing that 469,696 vehicles were registered in total. That’s a 1.6 per cent rise on the same month last year, and the highest number of motor sales on record for a September.
Philip Nothard, of 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 after a flurry of activity 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.”
According to Philip Nothard, a combination of other factors make it a buyers’ market at the moment, including the cost of retail adverts starting to rise, stock levels increasing, and a degree of uncertainty about 2017.
He concluded: “Although it’s too premature to be fully accurate after the boom of September, early signs indicate declined footfall and online activity, which could spell good news for consumers looking to purchase a bargain.