The famous motoring personality Quentin Willson has warned used car buyers that now may not be the best time to buy a new vehicle, despite prices falling.
The former Top Gear presenter used to run a used car dealership and is well-known for offering expert advice that can help drivers get the best deal.
However, speaking exclusively to the Daily Express, Quentin noted that wider factors are making the used car market unstable.
He explained: “Used car buyers need to be careful. We know there’s a shortage of disposable income and private sales of all new cars are down 15 percent. While used car sales are reasonable, we don’t know what the next few months will hold.
“We could see spiking fuel costs because of instability in the Middle East, interest rates don’t look like they will be falling significantly soon, and consumer confidence is low with so much political uncertainty before an election. I don’t think this is a time to take any risks.”
Quentin noted that conflict in the Middle East could cause the price of petrol to increase in the coming months.
Whilst this will likely affect all owners of petrol, diesel, and hybrid cars, it could be bad news for those interested in buying a cheap luxury car, with many experts noting prices are particularly low at the moment.
The used car expert also stated that interest rates are still high due to inflation, meaning that drivers who finance their cars could end up paying more in the long run.
Nevertheless, Quentin suggested that drivers who need to buy a used car should be cautious, opting for a reliable and desirable model.
He advised: “If you do need to buy now then research prices, negotiate hard and only buy the best used car you can find. That means a desirable make and model, a good strong colour, petrol engine, low mileage and a continuous service history from new.
“High mileage, tired looking used cars always depreciate the most. Lots of asset classes (expect gold) have weakened over the last few months. I’d watch the market and world events carefully and wait to see if things start to recover. This is definitely a buyer’s market where timing is everything.”
According to the vehicle retail platform AutoTrader, the average price of a used car fell to £16,868 during January 2024, down 7.5 percent compared to 12 months earlier.
Nevertheless, whilst the prices decrease, demand for used cars is on the rise, with the company noting 85.5 million visits to the website by drivers looking to bag a bargain.
AutoTrader noted that many retailers are under-pricing models that are in high demand to reflect the current trends in wholesale values.