Sellers are slashing car prices

Sellers are slashing car prices

New research has revealed that sellers may not be valuing their cars very well and buyers are haggling particularly successfully.

The study, which was carried out by Auto Trader, discovered that buyers are now managing to barter so well that they get an average of £939 knocked off the price of each vehicle.

The 3,000-strong survey also found that as many as 60% of motorists paid less than the asking price for a new or used car between July and September 2012 and Auto Trader group director Nathan Coe thinks that sellers are probably getting their valuations wrong.

"With so many sellers getting less than they were expecting for their cars it raises the question of whether this is people not valuing their cars appropriately or whether it's buyers taking advantage of a weak market," he said.

"Everyone knows buyers look at the state of the market before they purchase, but consumers have a lack of understanding about accurate pricing when it comes to selling. Sellers should do research through online valuation sites to prevent disappointment."

Over half of sellers (51%) opted for the most convenient selling method as opposed to the way that could achieve the best price and men apparently haggle better than women as they manage to get an average discount of £1,029 compared to £706.

Copyright Press Association 2012