A fifth (21%) of UK motorists have paid more for a vehicle than its true value with new drivers among the most common victims of over-pricing, according to research carried out by HPI.
HPI found that 18 to 24-year-olds were most likely to pay over the odds for a car, with 30% handing over more than a vehicle’s true worth with nearly a fifth (17%) admitting that they had rushed the purchase as they were eager to get on the road and start driving.
Meanwhile, motorists aged 25 to 34-years-old admitted to being the most likely to succumb to time pressures and buy without a proper valuation if they thought they would miss out on a bargain.
The research – which gathered feedback from 2,000 car buyers – also found that 18% of motorists would carry out a valuation when buying privately but wouldn’t feel the need for a valuation when purchasing from a motor dealer, which HPI translated as a sign that consumer trust of dealers remains strong.
Three quarters (74%) of drivers also confirmed they don’t know the key things to look out for when buying a second-hand car.
This can leave buyers exposed to paying more for their car which may have been involved in accidents or even had its mileage tampered with, particularly when it’s a private sale, said HPI.
As part of the research, HPI has also identified the top ten best cars that will not only hold their valuation but are the cheapest to run, making them ideal for new drivers.
Philip Nothard, retail specialist at HPI, said: “The Suzuki Celerio came out top in our best buy survey with a total cost of motoring of £7,099.95, ahead of the Dacia Sandero at £7,212 and the Peugeot 108 at £7,646.
“This includes everything from the cost of the vehicle itself and servicing and road tax to insurance and fuel costs. “
The full list is as follows:
1. Suzuki Celerio Hatchback
2. Dacia Sandero Diesel Hatchback
3. Peugeot 108 Hatchback
4. Dacia Logan MCV Diesel Estate
5. Toyota Aygo Hatchback
6. Citroen C1 Hatchback
7. Nissan Micra Hatchback Special Edition
8. Suzuki Swift Hatchback
9. Nissan Note Hatchback Special Edition
10. Seat Ibiza Sport Coupe