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Price Chipping is Rife

Posted in General News on Wednesday, October 17th, 2018

Only 40% of the people that have used an online car buying website to sell their vehicle online were offered the same price by the company on the day of sale.  It was discovered that the average sale price was six percent lower than the price that was originally quoted. That means that if a vehicle was worth 10,000 for example, it would eventually be sold for £600 less than the owner was originally told. This process which is known in the industry as price chipping, continues to be widespread as more and more online car buying firms enter the sector. The car valuation service, Motorway obtained these statistics by examining 4,000 transactions that were completed though online car buying firms that feature on its website the firm then gathered more data by surveying a number of people who sold their vehicles using services that are not listed. Motorway’s Managing Director, Alex Buttle, commented: “Not all buyers routinely inflate their online valuations, but sadly chipping has become so widespread that many consumers have already accepted it as common practice. Unrealistic online valuations could really damage the reputation of this growing industry if it's not tackled head-on.”

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