Why buyers find it cheaper to buy new rather than used: expert
Published 06/01/2016 | 02:30
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.
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.