Many drivers old and young every year wrestle with the decision of whether to buy a new car or a used car. This is a decision that will more or less depend upon your circumstances and what you feel is the right car for you.
A lot of it can be age related. Older drivers tend to be more settled in careers and as such often find themselves with more disposable income. As a result older drivers tend to be in more of a position to afford a new car than young drivers, but this isn’t always true.
Besides, even if you have the money to spend on a new car there are still many reasons why buying a used car is a more preferable choice.
Cost is obviously the biggest reason in the plus column when it comes to buying a used car. New cars are expensive and even if you can afford one it is unlikely you’d be able to buy it outright. As such you would be making monthly repayments, which leaves expenditure hanging over you for a long time.
Used cars are much cheaper and there is a high likelihood that you will be able to buy the car outright. There are many dealerships both on and offline like Thames Motor Group where you can select used cars. They are ideal as they mean you will have sole ownership and you don’t need to worry about meeting your repayment plan.
Another advantage of buying second-hand is that it is possible to get classic cars like Bentley’s for cheap prices.
The value aspect kind of falls a little into the cost category and the depreciation category. Used cars can be picked up for a tiny sliver of their original value. If they’re in good condition it is almost like having a brand new car for next to nothing.
Targeting a used car that is 3 to 4 years old will ensure that the car is still in good condition. But it will also cost you much less and mean the original owner took the biggest hit on depreciation.
Because a used car is older it is less valuable. As a result the insurance should work out to be much less. There are exceptions but as a rule this will always be the case.
Also, used cars don’t need to be covered by as many facets of insurance cover as new cars. If a car is old enough then theft and collision insurance are almost obsolete.
4.Easier to maintain
Because a used car is older it may have a few more issues than new cars, but it will cost much less to get the problems sorted. Also, of you do your research and choose a reliable car in good condition you may find that it requires almost no maintenance at all.
A used car will depreciate a lot less than a new car. New cars can depreciate by up to 30% within the first year. Used cars have a much lower depreciation threshold. You may make a slight loss if you sell it on, but it will be nowhere near the loss you would make on a new car.
Also, if you have fixed up the used car and done some modifications you may even find that you can make a profit from selling it again.