Car history experts Motorcheck.ie figures released this morning show July was the second busiest month of the year after January with more than 16,250 new cars sold in that month alone, whilst August finished 28 percent up on last year with 4,708 units sold.
Sentiment in the new car market is hugely positive as new car sales for the year to date are up 26.95 percent (86,727 units) against 2013 and sales are expected to be in excess of 93,000 units by year end.
However, the trends emerging from the new dual registration system seem to show that after the July boom, sales fall off sharply in the remaining months of the year. This is great news for the new car buyer looking to bag a bargain before year end, so buyers should expect a little more room to manoeuver when negotiating.
Buoyant new car sales also means lots of trade-ins arriving on dealer forecourts. This means choice for the buyer. It also means, with impending winter months, dealers are keen to move this stock before the slow Nov-Dec period. So for used car buyers, the coming months will also be ripe with opportunity to bag that bargain.
While great deals are there to be done, there are underlying dangers which car buyers need to be aware of. Motorcheck.ie warns that as the market picks up, values start to fall, and those who care not for the rule of law will try every dirty trick in the book to maximise the asking price for their cars, while cutting back on their own investment. Motorcheck.ie advises buyers to make sure they get some basic background checks before they part with their money.
Finance is the first and most concerning thing any second hand car buyer should be worried about. Figures for this year so far, show approximately 1 in 6 second hand cars surveyed still had outstanding finance owing on it. That means that if the previous owner defaults on their repayments, even though you have done nothing wrong, the car can be repossessed without any recompense to you.
It's important to have any potential purchased checked before you buy and if there's money still owing on it, walk away.
