If you’re looking to buy a vehicle, the first choice you will probably have to make will be whether to go for a new or used car. Both have their advantages and disadvantages and which you go for will largely depend on your personal circumstances and what you desire from a vehicle.
With this in mind, we take a look at what makes a used car an attractive proposition and why you may want to choose a used vehicle over a new model.
The primary reason people opt for a used vehicle is cost. New cars are usually far more expensive than used cars and are often too expensive for the average car owner. If you compare the price of a used Mercedes s350 to a newer Mercedes model, you’re sure to be shocked at the cost difference (over £58K new compared with 10 year old models starting at £4K). This comparison also serves to show that great cars are still available on the second hand market.
Concerned about depreciation
Many car owners are concerned about how much they will be able to sell their vehicle for once they have finished using it. When you consider that the depreciation in value of a car occurs most drastically in its early life, buying a used car can be a great way to avoid the resale conundrum.
By buying a vehicle when it has done most of its depreciation, you don’t have to worry about losing a great deal of money on a poor investment.
It is also important to consider the range of choice you have when buying a used car. Compared to the number of new cars you’ll have the option of purchasing, the selection of used cars is enormous. Keep in mind that a used Ford car will be cheaper to insure than for example a Mercedes.
Essentially, you are able to purchase virtually any car manufactured in recent history. This gives you tremendous scope when looking for a vehicle and should mean you end up with something nearing perfection.
Buying a used car will also generally mean lower insurance rates, which could make the difference to drivers who struggle to fund rising insurance premiums. The greater choice afforded by the used car market will also allow you to do a little research beforehand, preventing a purchase that forces you into enormous premiums and high insurance costs.