Fleet cars sold at auction...
Fleet cars sold at auction achieved higher prices last year than they did in 2005. According to figures from British Car Auctions, average values for three-year-old ex-fleet models were more than ?350 higher to the end of November compared to 2005. That trend is likely to continue as traders replenish forecourts during the busy period after New Year.
That’s how much...
That’s how much dealers knock off the value of a typical three-year-old motor if it doesn’t have an MoT, according to research carried out by second-hand price guide CAP Black Book.
“A used dealer’s job is to buy the car for as little as possible, and the absence of an MoT is an ideal excuse to chip as much off the price as they can,” explained a spokesman for the publication.
However, the cost of getting a car through its first test is unlikely to reach that figure. “Most three-year-old models pass the MoT with little or no work required,” the spokesman added. Nearly half of the dealers questioned in the CAP survey routinely reduce the price they are prepared to pay for a part-exchange without an MoT by between ?200 and ?300 – and some even offered as much as ?500 less.
Most new car warranties last for three years, and owners planning to trade in their vehicle when its cover expires are advised to take it for its first MoT before discussing a part-exchange value with a dealer. The roadworthiness check has to be carried out annually once a vehicle reaches three years old, and the maximum a garage can charge to carry out the test is ?50.35.
The research also highlighted how important it is to keep documents safe, as one in three dealers admitted it wouldn’t buy a car without an up-to-date V5 logbook. Of those who would still take such a model, 75 per cent said they’d offer ?500 less to cover the time and hassle of obtaining a replacement.