In August I bought a Renault Clio from a used car dealer. The car is 54 reg and is on 44,000 miles. I paid £4,800 for it. I have covered fewer than 400 miles since the purchase and have now found out that the dephaser, which I am told runs the valve timing, is wearing out and due to this is making a loud knocking noise. I believe it is clear the fault was there when I bought the car, but as the car still runs and it is not a catastrophic failure am I still covered by the new consumer rights rules that would leave the responsibility for repair with the dealer?