Throughout 2019, the used car market is expected to be the driver behind growth in the auto industry. In December 2018, wholesale prices for used vehicles fell, allowing dealerships to offer used models at significantly lower prices.
However, buying a used car doesn’t come without its risks. Here, we’ll look at why protecting yourself through an HPI check is important.
Economy linked to used car sales growth
When you look at the current state of the UK economy, it’s easy to see why the used car market is set to dominate throughout 2019. With the uncertainty surrounding Brexit and the fear over another possible recession, buyers are now looking to save as much money as possible when it comes to investing in a new vehicle.
Most notably, cars which are 1-3 years old are likely to dominate throughout the year. Due to high depreciation, these used but practically new cars, can be purchased at much lower prices. They also tend to come with manufacturer warranties and are less likely to break down than older models.
While you can save a small fortune investing in a used car, it’s important to be aware of the risks; especially as the market becomes more popular. That’s where an HPI check can prove invaluable.
What is an HPI check?
An HPI check provides crucial details about a vehicle’s history. It gathers real-time data to discover whether there’s any outstanding finance on a used car, whether the vehicle has been stolen, and whether or not the vehicle has been written off. These are just a few pieces of background information an HPI check can reveal.
They’re offered by specialist companies such as Cap HPI, and they’ve become a popular service for those buying used vehicles. According to statistics, 1 in 4 cars that are checked flag up an issue. So, having the check can provide great peace of mind that you aren’t throwing your money away on a car that’s either unsafe to drive, stolen, or which has outstanding finance.
Overall, buying a used car is risky. While there is the potential to invest in a practically new car at a significantly reduced price, there is also a lot that could go wrong. An HPI check is a great way to ensure that the car you’re thinking of buying is being sold legally and fairly, saving you a lot of money and stress in the long-term.