September 2008

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Second-hand car values are set to fall this Monday, 1st September as the new ‘58’ registration plates make their first appearance on British roads, and with it hundreds of used-car buyers may find that they’ve been ripped off as they discover their new-found pride and joy has a hidden past.

With latest figures suggesting a 13.24 per cent1 drop in sales of new cars as a result of the credit crunch, experts are predicting car buyers will be shunning the garage forecourts in favour of scouring the car classifieds for a second hand car bargain.

But 1 in 3 buyers2 will be in for a nasty surprise when they find out that their car has a hidden history. And with an estimated 2.8 million3 second-hand vehicles sold privately every year in the UK, this means almost a million people (946,000) could be at risk over the next twelve months.

According to MORE TH>N, outstanding finance is the most common problem, affecting almost a third (29 per cent) of those vehicles sold with an undisclosed history. Buyers of these vehicles do not acquire the legal title to it regardless of any sum they may have paid, and what’s more, the car can be repossessed at any time.

Other common issues include cars that have been written off and unfit for road use, stolen cars, and cars that have had the mileage counter tampered with to display a lower mileage.

Keith Maxwell, Head of Car Insurance at MORE TH>N, commented: “There is always a real temptation to snap up a bargain when you find that seemingly perfect car, before someone else beats you to it. But with one in three used cars hiding a shady secret, it’s crucial that buyers ensure they perform the necessary checks on the vehicle before they part with their cash.”

To help take the risk out of buying a used-car, MORE TH>N is offering a quick, simple and online vehicle history checking service. The service checks 26 different aspects of a vehicle’s past, from ownership changes and mileage history right through to whether it is recorded as an insurance write-off or if it has been reported stolen, and produces an easy-to-read report highlighting any potential concerns. All that’s needed to check a vehicle is its registration number, and the report is produced in under a minute. To guarantee reliability, the service covers up to £30,000 if in the very unlikely event, information supplied is inaccurate and results in the wrong purchase decision”.

For more information, log on to www.morethan.com and click on ‘More Products’

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