‘Timing is everything’ says ex-Top Gear host urging Brits to hold off buying second hand cars as prices continue to fall
AN ex-Top Gear host has urged Brits to hold off from buying a second car as prices continue to tumble.
Quentin Willson, who presented the original Top Gear show with Jeremy Clarkson in the 1990s, has urged punters to delay buying a used car.
Quentin, who used to run a used car dealership, has urged drivers to avoid jumping into the market too soon.
He said: "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.”
With the price of petrol set to rise in the coming months, experts have all noted that used car prices are particularly low at the moment.
Quentin added: "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.”
The average price of a used car was down 7.5% in January to £16,868 according to industry bible AutoTrader.
But demand for used motors remains strong with 85.5 million visits to the website by punters looking for a steal.
Auto Trader's car valuation service is free to use and takes only a few minutes to complete.
You can provide as much, or as little information about your car to get your quote.
The website uses data from millions of vehicles every day, ensuring that customers get fair price quote based on the current market value.
Autrader also has an instant service offers for you to sell your car, as well as pricing on part exchanges.