The used car industry probably isn’t something that is on your mind all too often. The only time we really regard this industry is when it is time to sell your own used car or to look for something used, yet still better than our old vehicles.
There are quite a few things in the used car industry that might surprise you. Here are a few facts about this market you might not have known about.
01. Silver Used Cars Are Considered Superior
Amongst all the vehicle colour choices, silver is the most loved one. This is the most popular vehicle colour on the market and most used car buyers will rather opt for a silver vehicle than any other colour.
Black vehicles are the second most popular colour choice with white and gray not far behind. Lastly, buyers will consider other colours like red, blue and the rest.
02. Odometer Fraud Is Real
Dialing back the odometer isn’t something that is just found in cartoons. This fraud is committed in real life by many car sellers and fraud auto markets. By taking miles off a car’s odometer, they attempt to make the vehicle look ‘newer’ and in better condition. This is one of the biggest reasons to steer clear of shady looking auto companies and individual sellers.
03. Automatic Vehicles Are the New Norm
There are 10 times as many automatic vehicles on the market as manual vehicles. Automatic cars are becoming the new norm because they are so much easier to drive and gearbox failure is less likely in automatic vehicles than in manual vehicles where drivers might crank that gearbox into the wrong gear.
The used car market is much bigger than the new car market
The used car market is a lot bigger than the new car market. 75% of the cars that are sold are used. This is because of the huge decline in car value a vehicle experience when it is driven off the floor for the first time.
04. You Do Need To Inspect the Airbags
When cars get into an accident, the airbags need to be replaced. This doesn’t always happen and many used car buyers will assume that the airbags are still in check when in truth, they are no longer existent. It is important to always check the airbags before you buy because airbags can have a huge impact on a car’s safety.
05. It Is Smart To Avoid Flood-Damaged Cars at All Cost
Flood-damaged cars are deep cleaned, dried out and resold all the time. It isn’t easy to see whether a car has been flooded or not.
These cars almost always result in long term damages that only become apparent when you already signed those vehicle ownership transfer forms. Flood-damaged cars can cost a lot to fully repair and are usually not worth the investment.
06. An Average of Three People Owns Each Car
On average, vehicles are sold to different owners three times before it ends up in the final owner’s hands for a lifetime or is sold for scrap metal. This isn’t a very useful fact to auto buyers and sellers but it is still very interesting to know
07. Older Cars Can Still Sell
It isn’t just new cars that fair well on the used market. Cars as old as a decade and even older can still fetch a pretty good price on the used car market. As long as the car has been maintained and cared for and is of a good brand, it can be very valuable.
Did any of these used car facts inspire you to sell your old car? If it did then give Cash 4 Cars Melbourne a call right now. This company is constantly looking to buy used cars and they are happy to take damaged and wrecked vehicles off your hands.