- December 7, 2018
- Posted by: Celine Evans
- Category: Automotive Industry, News
According to contract hire business, Meridian Vehicle Solutions, demand for near new condition vehicles is forming a ‘grade one plus’ standard for used stock, this will grant consumers access to near-new condition cars, often less than 12 months old.
What This Means for Used Car Buyers
An additional category for nearly new cars will provide buyers with more choice. Used car buyers have always had access to a broad age range of cars, this new category will offer cars in pristine condition, with most cars being less than 12 months old and in showroom condition.
Previously, the highest standard for used cars was considered grade one, however the guidelines for these examples allowed for minor dents and missing trim. Many buyers want their cars in mint condition, so by offering this new category, they’re more likely to find the car they want in the condition they expect from such a new vehicle.
Impact of High Demand on Independent Dealers
Phil Jerome, managing director of Meridian Vehicle Solutions, said: ‘’The NAMA (National Association of Motor Auctions) grade one standard allows for a few minor issues such as small dents and minor missing trim items but we are in a situation where demand for used cars that can be immediately retailed is so high that there is a further level emerging above this.’’
‘’These are cars that can be placed on a dealer’s website and offered for sale immediately because they require almost no preparation. Of course, these cars also command the highest prices – often in excess of the highest level shown by industry pricing guides,’’ he further added.
‘’Certainly, demand for vehicles of this kind is very high and we are not seeing any slippage in values as we head into 2019. In fact, while new car order times remain on the high side, we do not envisage any change in the market.’’
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