Research suggests young drivers pay over the odds for cars

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Research suggests young drivers pay over the odds for cars

According to a study carried out by HPI, just over a fifth (21%) of motorists have paid more than a vehicle's true value, with young drivers the most common victims of overpricing.

Automotive Management Online reports that drivers aged between 18 and 24 are most likely to pay over the odds for a car, with nearly a third (30%) paying more than vehicle's true worth.

It seems eagerness to get on the road and start driving could be a contributing factor, with nearly a fifth (17%) citing this as a reason why they rushed a purchase.

However, the research found it is drivers in the 25-34 age bracket that are most likely to rush a deal, with the worry of missing out on a bargain the reason they would succumb to time pressures and buy without a proper valuation.

HPI believes there continues to be a strong trust between consumers and dealers, as 18% of the 2,000 car buyers questioned said they would carry out a valuation when buying privately, but that they wouldn't feel the need for one when buying from a motor dealer.

But it seems not everyone knows what to look for, with nearly three quarters (74%) admitting they don't know the key things to look out for when buying a second-hand car.

In its research, HPI also revealed that the Suzuki Celerio Hatchback was the most ideal car for new drivers, as it holds its valuation but is also cheap to run.

Do you always carry out a valuation when buying a car?

Young #drivers most likely to overpay for a new #car

 

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