Sales of second-hand cars are rocketing in the UK, according to the latest figures released by the Society of Motor Manufacturers and Traders (SMMT).
The amount of used cars changing hands more than doubled in the last few months. Year on year, the market grew 108.6% in the second quarter – that’s a near-record 2,167,504 second-hand vehicles.
The boom is being driven by various factors including pent-up demand after successive lockdowns, a global chip shortage that has dented production of new vehicles and people remaining wary of public transport as they return to work.
Having a poor credit score could end up costing you as much as £8,000 extra when financing one of the UK’s most popular cars, according to new research by Uswitch.com.
For instance, the best-selling Ford Fiesta costs £16,645 to buy outright. However, when bought on finance with a four-year repayment period, the total for someone with an excellent credit rating is £20,014 – or a staggering £7,059 more (£27,073 total) for a driver with a bad credit score.
The data was obtained by the comparison and switching service using a car finance calculator to determine the cost of 10 cars bought on finance for motorists with different levels of credit score.
Cost to finance the UK’s 10 most popular cars
Finance cost with excellent credit rating
Finance cost with fair credit rating
Finance cost with bad credit rating
Difference between excellent and bad credit score
BMW 3 Series
Source: Uswitch.com – All prices correct as of April 2021
Plan ahead for a better credit score
James Andrews, personal finance expert at Uswitch.com, reveals how to improve your credit score to help you get the best deal when purchasing a car on finance: “Registering to vote, having bills in your name, keeping to 30% or less of your total available credit (per account) and not having a credit history can all impact your credit score.
“When financing a car, first check your credit report to see what your score is. Secondly, check what’s in there and that the information is accurate. Lastly, start taking steps to improve your score.
“Providing you make your payments on time, don’t apply for many new products in a short period (e.g six months), and keep a stable address, your credit rating should improve. In as little as four months you should see your scores start to improve and after a year you should be in a far stronger position.”
A family pet was just one of the more unusual items accidentally left behind in a part-exchange car, according to Motorpoint – the UK’s largest independent car retailer.
The research comes off the back of a big influx of part-exchange vehicles at its network of branches in England, Scotland and Wales, following the successful return of non-essential retail, plus cars from its sister company Auction4Cars.
And, in their excitement to driveaway in their new wheels as quickly as possible, a number of customers have inadvertently forgotten to empty their old vehicle of some of their most prized possessions.
While these have included the usual suspects such as house keys, parking permits, sunglasses, debit and credit cards as well as money and phone chargers, a number of more ‘unusual’ items have been left behind for staff to try and re-unite with their owners.
A hay bale
A (not so secret) stash of adults DVDs
Hairdressing dolls heads
An uneaten Subway
George Foreman grill
“We are all guilty of leaving things behind when we are in a rush, such as our phones, wallets and keys, so it’s certainly only natural that our customers do the same in the midst of their excitement and eagerness to drive away in their new car,” said Nikki Bamford, Head of Customer Services at Motorpoint.
“We have, however, been left a little bit taken aback with some of the strange things that have been left in some of our customers old cars. Thankfully, we’ve been able to re-unite most items with their rightful, and in the case of the dog, relieved owners.”
Audi has scored a hat-trick of category wins at the What Car? Used Car of the Year Awards 2019. The German car maker won Used Family Car of the Year (Audi A3), Used Luxury SUV of the Year ((Audi Q7) and Used Coupé of the Year (Audi TT). However, the 2017 Mercedes E-Class Estate claimed …