Purchasing a new car is a substantial investment, and with newer models becoming increasingly expensive, the temptation of buying a used car is only growing given the financial benefits. While cost is likely the primary motivator for buying a used car rather than a new one, there are other things to consider. Continue reading to see why you should buy a secondhand car rather than a newer model.
1) Save Money
Buying a used car is almost always cheaper than buying a new one straight off the production line. This is due to depreciation and the fact the car has already been previously used by someone.
2) Depreciation
Depreciation is the difference between a car’s value when you buy it and when you come to sell it. As soon as you drive a brand new model off the forecourt, it loses value. This drop in value varies between makes and models but typically is between 15-35% in the first year and up to 50% or more over three years.
When buying used, you’ll lose less of this money to depreciation as the rate slows down after the first three years of owning a brand new car.
3) Certified Pre-Owned Programmes
If you’re buying from a dealership, like us, certified pre-owned programmes are offered on used vehicles, which means they have been reconditioned and come with a warranty. This will give you extra security over buying from a private seller.
4) You’re already aware of common issues
Having access to a used car's MOT history allows you to see all the issues owners have commonly had to deal with, whereas with a brand new car, issues could take months to present themselves. While new cars manufactured these days are fairly reliable, newly built electronics often present themselves as common issues with brand new models, and corrosion issues may not be identifiable until after a few years.
5) Detailed vehicle history
Especially when buying from a private seller, a used car's odometer may have been tampered with to read a lower number of miles than the vehicle has actually covered, or it may have been in an accident without you knowing, all to make the resale value higher.
However, buying from a dealership like ours ensures a full HPI check is carried out, providing information about the vehicle from finance companies, the DVLA and the Police. You can also always check the gov.uk website for extra information on MOT history.
6) May lower insurance rates
One of the key factors in your insurance rate is the value of your vehicle and how much this will cost the insurance company to repair if you get into an accident. While a used car doesn’t necessarily have all the up to date safety features of a new model, the cost of repairing or replacing a used car is a lot less.
Keep in mind there are many other factors that affect what you pay for car insurance besides whether or not your car is new or old. How much coverage you purchase, your driving history, and whether or not you choose to finance may increase what you pay each year.
7) You get much more for your money
Thanks to depreciation, used cars don’t lose nearly as much value as quickly as new cars do. This means if you decide to finance a used car, your monthly payments should end up being a lot lower, and as a result, receive a lot more for your money.
If you’re searching for a used car, browse our collection today or visit our car supermarket in Warrington. Our stock consists of BMW’s, Seats, Land Rovers and much more. All of our used vehicles are carefully selected, taking into consideration age, condition, and mileage. They also all come with an MOT, service history and warranty, so you can drive away with confidence.
Contact us today if you see a car you’re interested in!