Brand new cars on sale up to £30,000 cheaper as discounts appear in ‘substantial numbers’
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New models have been placed on sale at discounted rates as dealers frantically scramble to meet registration targets during the coronavirus pandemic. It means buyers can get thousands of pounds off the price of a new model in a major win for consumers suffering financial difficulties.
Savings range from just over £6,000 to almost £30,000, according to motoring specialists at BuyaCar.
Popular models have recorded savings of between 28.6 percent and 41.3 percent as prices tumbled.
Christopher Lloyd, editor of BuyaCar.co.uk revealed that discounts were appearing in “substantial numbers” across dealerships.
He revealed that some models were recording savings of up to third off despite having just five or ten miles under them.
He said: “Dealers always offer discounts on new cars that have been registered to meet targets and run by staff or used as demonstrators.
But this year discounts are appearing in substantial numbers especially early.”
He added: “But it isn’t just the big savings that will appeal to drivers.
“These cars are available to buy immediately when in most cases a new car has to be ordered before it is built.
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“That can sometimes mean waiting several months to get behind the wheel, even if you have been able to negotiate a discount at all.
“And, of course, for the price of a secondhand vehicle you are getting the full manufacturer warranty as well as the magic of that brand new car smell.”
Meeting targets is vital for dealerships and many start to reduce older stock around the end of August before the new number plates are launched in September.
Manufacturer sales targets must be met to qualify for bonuses and extra which count towards dealers annual profits.
This means it is crucial that cars which have not yet been sold do leave the forecourt in time for deadlines.
An analysis from BuyaCar revealed that the biggest saving on the market could be made on an Audi A8 Saloon.
The model had a precious lost piece of £72,310 but was now available for just £42,400.
This equated to a massive 41.36 percent saving or a cash discount of £29,910.
Motorists can also make savings of up to £27,225 on a luxurious Mercedes Benz SL Class Convertible sportscar.
The discounts also applied to a range of family runarounds with drivers able to save 31 percent off a Peugeot 308 Estate.
Savings of up to £14,000 were also available on the Volvo V90 Estate models with motorists able to save £6,000 or 28 percent off a Skoda Octavia Hatchback.
However, AutoTrader CEO Nathan Coe revealed that across the board prices had in fact been “steadily increasing”.
He said: “Another key indicator of market health is price, and the data we collate for our Retail Price Index has shown prices are not only holding but they have been steadily increasing all summer and the trends show no signs of abating.
“Supply is still tight, but as long as demand remains and retailers stay strong with their pricing strategies and price to the live retail market, we don’t anticipate any negative impact on pricing this year.”
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