Saturday 1 October 2016

Why buyers find it cheaper to buy new rather than used: expert

Published 06/01/2016 | 02:30

The 2015 Ford Focus - Ford is the top selling car brand in Ireland
The 2015 Ford Focus - Ford is the top selling car brand in Ireland

Intense competition between brands on the interest charged on car finance deals means many buyers are now finding it less expensive to finance a new vehicle than relatively fresh secondhand motors.

  • Go To

That's the verdict of Motorcheck.ie's Michael Rochford in an analysis of 2015 new and used registrations.

Against a backdrop of a 12pc plunge in used-car imports and the current economic uplift here encouraging new-vehicle purchases, he says there is a distinct lack of "good quality used stock".

The fall in imports has highlighted the shortage of used cars and there are lower numbers of decent models on sale as a result.

Mr Rochford said: "With the economy in recovery, supply in the used-car market cannot meet demand, and as a result prices remain high and the lack of choice and value in this sector, coupled with the amazing value being offered by the new-car sector, has meant many buyers are finding it cheaper to finance a new car rather than a one, or two-year-old car."

According to Motorcheck.ie, there were 47,865 used cars imported last year (down 11.8pc).

The Top Five imported brands were Ford, Volkswagen, Vauxhall (Opel), Toyota and Audi.

The biggest-selling imported models were the Ford Focus, Volkswagen Passat, Volkswagen Golf, Vauxhall Insignia and the Audi A4.

Indo Motoring

Read More

Promoted articles

Editors Choice

Also in Life