Why is it that we in the UK seem to sell our cars with so low miles on the clock - unless they are all provided via the company\'s financial write off.
Most cars today are good for 120- 150k providing servicing has been done and diesel lumps do not normally free up until 40k plus - my Rover unit was quicker at 70k than at 40k. Or are we a sucker for \"must have new toy\'s\"???
K2
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Yes - witness my 330d taken back by the leasing company after three years, whilst at around 60k was just loosening up nicely and looked like new. My BiL has had the mother of all deals when he bought it from them.
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Certainly, in Wlitshire lots of low mileage cars - should realy hold on for at least 3yrs otherwise too much money is lost (if you pay for it yourself)
K2
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People pay more for a low mileage car.
Everyone with access to a Black and Decker knew that, years ago.
Nowadays you need only visit \"Autotrader\" for mileage correction outfits. Press a few keys on the pc and the mileage is what you want.
Witness dealers paying \"clockers money\" at the auctions.
Worth several grand on modern cars to wipe 50 or 60k miles off.
People buy on:
Price
Age
Mileage
then condition.
Which order do you think these should be in?
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A colleague bought a 3 year old car at auction in North London and it had definitely been clocked. At least 40K had been wiped off.
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Witness dealers paying \"clockers money\" at the auctions.
Sean
Do you mean by this that they pay extra for the car because they know they could clock it and get away with it?
If so, I definitely saw that when I bought my Xantia from the auction a couple of years ago. There were xantias about 2 to 3 years younger than mine with up to 130k on the clockgoing for twice the money I paid for mine. Mine had a genuine and guaranteed 54K.
From a consumer's PoV I think I got much better value for money than any of those dealers, then again, I wasn't going to make money out of my purchase.
****Signature? - Ideas on a postcard please anyone!****
Hugo
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Absolutely that, Hugo.
We have an enormous megasite, in Leeds. The local Trading Standards people prosecuted them over a couple of hundred cars they clocked and sold.
They were well known at the auctions for overpaying.
They'd take their cars back, clock them in minutes, then sell them for £1000 less than other dealers.
The other dealers soon cottoned on to this. They started taking notes at the auctions, as they were losing their potential stock. Visits to the megasite revealed "haircuts", as the trade calls it.
Bingo, megasite done. Not much, moneywise, but big articles in the paper.
Do you know, the place is still full of folks wanting to but a bargain, even now?
Yes, the point is that many of the low mileage cars we buy are nothing of the sort. The DVLA tried to instigate mileage checking by us filling in the mileage box at the foot of the V5 logbook.
Lease companies wouldn't fill it in. Would you if your residual value would fall by 2 to 3 thousand pounds?
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Would reporting services such as HPI uncover such "clocking"?. Or is it a case of HPI only being able to report on what is recorded and of course, as you mention, if the leasing companies don't record mileage, then HPI has nothing to report.
Any tips or tricks to avoid paying "low mile" prices for a high mile car?.
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Have a look at HJ's "how to buy ..."
Upper left.
Good luck.
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With a low mileage car, I think it's important to think carefully about how it compares with a new car. If the car has a low mileage, but a high mileage for it's age (as often happens with company reps's cars) you probably don't save an awful lot. If you are not careful, the car's mileage (for it's age) can still be above average when you sell it. Hence trade-in price can be low, even if you don't do a high mileage yourself.
L'escargot by name, but not by nature.
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So if I buy a one year old, 30k car at 70% of list, keep it for three years to 42k and sell it for 50% of list, I'm losing out?
I'd say 2 years' motoring in a nearly new car for 20% of is doing rather well, wouldn't you?
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I actually prefer to buy the high milers myself and pay less money. The 1999 'T' Mondy I bought for the good lady had a FSH and it had 118k on the clock. That way I knew it was a genuine mileage, and IMHO just about run in! The price of the car was suitably low from Auction to justify the purchase. I'd much rather buy a high miler than a very low miler that had just been used for shopping trips and never warmed up.
Paul
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Two examples of very low mileage cars:
1) Mate's G reg Fiesta, bought off his grandad, a genuine 26k. Had a crack in the engine block, as a result leaked oil like a grounded tanker
2) Mum-in-law's K reg Corsa, 35k when she sold. In the 10k she did in it (over about 4years) it needed a new cylinder head. Quite a major problem really. Along with many other complaints to numerous to mention.
So why do low mileage cars still attract such a premium?
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I agree with Pugugly, My BMW 320d is now 2½ years/41,000 miles old and looks/behaves like it is just about loosened up and approaching its prime. Which itself promises to last a very long time.
Oz (as was)
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