UK motorists lose £7 billion in a year by selling cars for less than market value
Seven out of 10 drivers knowingly compromise on price when selling their car in the hope of finding a buyer quickly, a new survey has revealed.
The research by online used-car marketplace Motorway also showed that 76% of drivers find the process of selling a car daunting, with more than a quarter (28%) just accepting the first offer they receive.
All of this leads to cars being sold for an average of £977 less than their real market value. And with 7.5 million used cars sold in the UK in 2021, that equates to drivers missing out on £7.3 billion over the course of the year.
Only 14% of those polled felt they got a good price for their car, whereas 64% ended up feeling ripped off.
MotorwayThis is despite used car prices currently being at record levels, due to a shortage of semiconductor computer chips causing long waiting times for new cars, thus encouraging more people to turn to the used market.
Common oversights and regrets highlighted in the survey include not having an up-to-date service history, not having the car valued before the sale and struggles with paperwork.
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