If the time has come to upgrade your car, you are likely asking yourself if it is worth getting a used car or buying a car right off the assembly line. While new cars can be an attractive proposition, they aren't right for everyone, and financially, there isn't a sound investment.
And many consumers feel the same way, too, with just under £6.9 million spent on used cars in 2022 in the UK alone.
Despite the growth of new car sales, thanks in part to new technologies enticing motorists to opt for greener, more technologically capable cars, it can still be worth looking at used cars if you are in the market to replace your current vehicle.
Now used cars aren't always the old bangers people imagine. Used cars are simply cars that have been owned by another person prior to your buying them and can be anywhere from a few months old to classic models that are well-preserved from previous decades.
Without further ado, let's look at some of the benefits of buying used cars.
Lower Repayments
New cars can be expensive. The average cost of a new car in the UK can run upwards of £20,000, so opting for a used vehicle, even a few years old, can save you money on finance repayments and help you to save money and lower your outgoings associated with running a car. Make sure to find the best deals if you are financing your car, not buying it outright. There are many lenders on the market who can offer different rates and payment terms, like skoda finance, for both new and used cars, whatever you decide.
Fewer Teething Problems
All cars are subject to wear and tear; drivers know and expect this. But brand new cars off the line can often experience little kinks and issues associated with assembly. While you can expect general repairs from driving a car, brand new cars might have ginger issues that first owners will come across and subsequently have rectified before it passes hands to your ownership. So while it won't guarantee it is in perfect condition, you can benefit from someone else, having gone through any problems connected to manufacturing, not general usage.
Lower Depreciation
As soon as a car is driven, it loses some of its value. A car can lose from 15-35% in its first year and up to 50% in the first 3 years. So if you are buying a car that is at least 3 years old at least, you can benefit from lower depreciation rates than purchasing brand new. While it will still lose some value relative to miles driven, the condition and quality of repairs, and how well it has been cared for and driven, it won't lose as much as it will have done in those first three years.
Conclusion
There is no right or wrong way to buy a car; for some, the allure of a brand new set of wheels can be too much to worry about the downsides, while others prefer to buy a used one every time they need a new car. What matters most is that you find the best car for your needs, budget, and lifestyle and enjoy the car you do end up buying.
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