LONDON, February 28, 2012 /PRNewswire/ --
According to a report on BBC's 'One Show' last night (Feb 23), over £24bn is spent every year on used cars - but how much of that is on cars with a hidden history?
Getting an independent inspection is vital in ensuring that the car you are spending your hard-earned cash on is fit for purchase.
This doesn't just mean that it is roadworthy, though of course the parts need to be in good working order. If you are planning to buy any kind of used car, then it's worth bearing in mind that a car's history may have hidden pitfalls, from outstanding finance that you may be liable for, to damages through being written off.
And even if you have bought it innocently, if there is outstanding finance on the vehicle it remains the property of the finance company. Only by checking the vehicle yourself can you ensure you are covered.
As reported on the BBC 'One Show', an Experian VehicleCheck will guarantee you cover for the data uncovered in the report, and can give you the peace of mind that you have made the right purchase - even if the paperwork a dealer gives you seems to show the car is clean. It runs 26 checks and carries out searches for finance agreements.
Experian data shows that one in four used cars for sale have outstanding finance, one in eight cars are recorded as an insurance write off and one in 14 cars showed significant mileage discrepancies.
"Whatever the value of the car you're buying, getting a VehicleCheck reduces the risk of buying a car that then gets repossessed or is unsafe to drive," said Peter Turner, managing director of Experian Interactive.
"One in three used cars have a hidden history , so consumers need to check before they buy to ensure there are no finance agreements still outstanding or it hasn't been scrapped or written off in the past. Consumers are also covered by our optional £30,000 data insurance* for the vehicle purchased, on the rare occasion that a piece of data is missing."
2. Based on an analysis of checks made via Autocheck as at March 2011
Subject to terms and conditions
SOURCE Credit Expert