Beware of outstanding finance on used cars warns Cartell

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An increasing number of newer cars are being offered for sale with finance outstanding according to Cartell.ie

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Figures revealed by the vehicle data provider identify that currently 9.5% of all vehicles offered for sale across all years have finance outstanding. However if the car is under three years old, there is a 29% change that it is being offered for sale with finance outstanding.

The newer the vehicle the greater the chance of being offered a car for sale with money still owing on it. Cartell.ie says its figures show that 27% of one year old cars for sale have finance outstanding – that’s 4% more than the figure for the equivalent figure last year.

Although the older the vehilce, there is less chance of it still having finance outstanding. Cartell points out that 7.9% of all 2010 registered vehicles offered for sale had outstanding finance against them.

John Byrne of Cartell advises buyers to exercise caution saying: “The rising levels of finance for newer cars may be attributable to the prominence of PCPs – but remember the impact for a potential buyer is the same: the finance house owns the vehicle until the last payment is made. You can lose the car if you purchase it with finance outstanding”.