If you’re considering spending big on a new car, then it’s worth taking a moment to consider exactly what you’re buying. Buying a brand-new vehicle means that you’ll enjoy a number of benefits, like superior features and performance, along with greater scope for customisation. But for many motorists, the used market represents a kind of value that’s hard to resist.
So, exactly what are the benefits of shopping for a ‘pre-loved’ vehicle?
Lower Purchase Price
When you’re buying used, you’ll avoid the depreciation that’s acute during the early months and years of a car’s lifespan. That means that you’ll end up spending much much less up-front.
Lower Insurance Costs
Since used cars are cheaper to buy, they’re also cheaper to replace. This makes them less of a risk for insurers, and this lowered risk is typically reflected in lower premiums. This can be a significant benefit for motorists who want to minimise the overall expense of the vehicle. If you’re a first-time driver, or a student, then this might be a particular concern.
Proven Reliability
One of the big unknowns when you’re buying a brand-new car is reliability. Sure, the car will have endured less in the way of wear and tear – but the model in question might not have been on the road long enough for any design flaws to show up. When you buy used, on the other hand, you can look into the history of the model, and factor in the information you get from consumer surveys.
Reassurance might also come from the service history of the vehicle you’re actually buying. Some used cars have been treated better than others, too. Make sure that you check out the MOT history, and that you inspect and test drive the car before you commit to a purchase.
Less Depreciation
We’ve already mentioned the problem of depreciation. This, alone, is a good reason to buy used. When you buy a new car, you stand to lose up to 30% of its value in the first year. If you’re spending tens of thousands of pounds in one go, then this is a significant chunk of cash that’s going to be left on the table when you come to sell again.
The chances are good that it might be put to better use elsewhere in your life. Another way of looking at it is that buying used will allow you to spend more on a superior vehicle.
Wider Variety and Customisation Options
Finally, we should consider the sheer size of the used market. Buy new, and you’re restricted to the models that are currently rolling off the production line; buy used, and you can choose from a wide variety of used cars in your area – provided that you’re patient, and you know where to look.
There’s even scope for aftermarket customisation, meaning that, if you want a car with leather seats and advanced safety features, you can shop for one.
