Friday, May 23, 2008
Nearly a third of used cars sold with debt
HPI figures highlight worrying trend in market
As the so called credit crunch continues to squeeze vehicle sales the HPI vehicle checking service found that 30 out of 100 used cars it examined were subjects of outstanding finance agreements.
'The figures relate to the first three months of this year, and show a slight rise on the same period in 2007, when the figure was 28 out of 100 vehicles checked by the company.
Year-on-year HPI saw a rise in overall mileage quieries from five in every hundred to seven.
Issues relating to registration plate transfers, sometimes used to disguise a vehicle's identity, had risen from two in nine to one in four but concerns over condition remained static at four out of every hundred vehicles checked.
“At a time when the credit crunch is biting down on consumers across the UK, we are urging car buyers to be more cautious when purchasing a used vehicle,” said HPI automotive director Daniel Burgess.
DATED: 23.05.08
FEED: MT
As the so called credit crunch continues to squeeze vehicle sales the HPI vehicle checking service found that 30 out of 100 used cars it examined were subjects of outstanding finance agreements.
'The figures relate to the first three months of this year, and show a slight rise on the same period in 2007, when the figure was 28 out of 100 vehicles checked by the company.
Year-on-year HPI saw a rise in overall mileage quieries from five in every hundred to seven.
Issues relating to registration plate transfers, sometimes used to disguise a vehicle's identity, had risen from two in nine to one in four but concerns over condition remained static at four out of every hundred vehicles checked.
“At a time when the credit crunch is biting down on consumers across the UK, we are urging car buyers to be more cautious when purchasing a used vehicle,” said HPI automotive director Daniel Burgess.
DATED: 23.05.08
FEED: MT
