Fleet News

Marketwatch: Used car buyers ‘need more information’

FLEETS and the car industry need to do more to educate the public about the true value of used vehicles.

A new survey reveals that more than a quarter of used car buyers do not consider running costs such as fuel, insurance and maintenance when choosing a vehicle. This attitude could end up costing hundreds of pounds a year if they choose vehicles that are cheap to buy but expensive to run.

Providing information to show how cheap a car is to keep on the road could prompt customers to pay a bit more for purchase if they know it will save money in the long run.

The survey, by vehicle management firm LeasePlan, revealed 28% of people only consider the price on the windscreen of a used car. LeasePlan UK managing director Kevin McNally said: ‘Fuel, maintenance and insurance costs can account for several thousand pounds a year, so a poorly-informed purchasing decision can result in people paying hundreds more than they need to.

‘All second-hand car buyers should do their research and find out how much their preferred vehicle costs to run – an alternative model might be slightly pricier to begin with but it could cost far less in fuel, insurance and servicing.’

The survey also found air conditioning to be the ‘extra’ most people would be willing to pay more for in a used car.

Satellite navigation systems were ranked second, with leather upholstery third.

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment


No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee