Article date: 27 August 2008
- HPI urges consumers to invest in cars that hold their value
For the last seven years, September has been the key month for new car registrations following the introduction of the new style number plates. However this year the credit crunch looks set to take its toll on the number of new 58 plate registrations. With many putting the decision to buy a new car on the back burner, HPI offers some words of wisdom on used cars that will not only be more cost effective to run and environmentally friendly, but are most likely to hold their value.
"Those keen to trade in their current vehicle for something else need to think carefully about their next purchase," says Martin Keighley, HPI's used car valuation's expert*. "It is really important that consumers think about a car's potential to depreciate before parting with their cash. Winners will be anything small and economical, with low CO2 ratings. My top picks include the Toyota Aygo (and its sister cars, Citroen C1 and Peugeot 107), Fiat 500 and Hyundai i10. Image conscious drivers will plump for the Mini, which is a bullet-proof buy as long as they stay away from the high end models."
HPI's valuation expert goes on to recommend that when it comes to medium sized cars, the latest eco-friendly models will also win the day. The VW Golf Bluemotion, Audi A3 1.9 economy models and Seat Leon 1.9 Ecomotive are all sound investments in terms of low running costs and hold their values.
Keighley concludes: "With money tight, many drivers have been panicked into downsizing their vehicles in a bid to cut their fuel and Vehicle Excise Duty bills. As a result, the list of undersirables is growing with large petrol engines top of the no-no pile. I would even consider that the 2.0 is too large in 4x4, people carriers or Vauxhall Vectra-sized models, these days. However, as times get tougher, we need to be aware of all the factors that impact on vehicle values. Although common sense has a lot to do with buying decisions, don't forget that desirability can also rule the day."
HPI valuations' top 10 sound investments
- Citroen C1/Peugeot 107/Toyota Aygo
- Fiat 500
- Hyundai i10
- Audi A3 Diesel models
- BMW 1 Series Efficient Dynamics
- Ford Focus diesel models
- VW Polo
- VW Golf Bluemotion
- Seat Leon 1.9 Ecomotive
For press enquiries please contact:
Margot Tomkinson, Dominic Dennis and Justine Hoadley at HSL 0208 977 9132.
Notes to editors:
*About HPI Valuations
HPI's valuation service is offered in partnership with used vehicle experts Vehicle Information Publishing Ltd (VIP) who have provided current and forecast used values for cars and light commercials for over four years. As well as Fleets and Dealers, their customers include What Car? and Wisebuyers. VIP was founded by Martin Keighley and Alan Senior who together, spent more than 35 years working for CAP Motor Research. VIP launched the TraderGuide book in 2005 and then the PC application VIPDATA (www.vipdata.co.uk/) in 2007, providing values for over 30,000 vehicles.
Martin Keighley has spent his entire career working with used vehicle valuations in one form or another. During 17 years at CAP Motor Research he was Editor, Publisher and Director of the Black Book. This followed seven years in used vehicle remarketing. Brief spells in auction management and leasing operations provide a unique mix of experience and knowledge. He is one of the most experienced used car pricing experts in the UK.
Originally established in 1938, HPI Limited is a primary source of vehicle information for the UK motor industry and motoring consumer, which since August 2004 has been owned by Norwich Union. HPI encompasses both the HPI database of all UK road registered vehicle descriptions and histories, and the National Mileage Register which holds in excess of 125 million mileage readings.
Together, HPI and NMR represent the UK's largest vehicle information source, combining and interpreting data from government agencies, industry bodies, private organisations, the police and the general public. Registering with HPI helps companies to protect their financial interests in motor vehicles and a wide range of other mobile assets. HPI Checks give purchasers instant confirmation of whether vehicles are correctly described, known to be subject to outstanding finance or serious accident damage, or recorded as stolen or "clocked".
'HPI' and the HPI logo are registered trademarks of HPI Limited.
(1) All prices include VAT and are correct as of 1 January 2006
(2) Mileage Data is not covered by The HPI Guarantee
(3) The HPI Guarantee is subject to terms and conditions