You want to buy a new car, but what do you mean by ‘new’? Do you mean a brand-new car, or do you mean a new-to-you car? Although both options have their pros and cons, buying a used car is often a better idea, and there are a number of reasons why this is the case. If you’re still not sure where to put your money and what kind of vehicle to purchase, read on; these benefits of buying a secondhand car might help you make up your mind.
When buying a car, you’ll probably hear the word ‘depreciation’ a lot, and it is definitely something to take into consideration. Depreciation means the amount of money your car will lose during the time you own it – in other words, it’s the difference between what you pay for it and what you sell it for. Unlike many other large items, such as houses, cars will lose much of their value, and even if you only have it for a few months, it’s unlikely you’ll make your money back.
When buying a brand-new car, depreciation is swift and will happen immediately. As soon as you get behind the wheel, the car will have lost thousands of pounds. Within the first three years, that car will lose about half of its value. That’s not the case with a used car. The major depreciation has already happened, and the first owner will have borne the brunt of it. You’ll still need to consider depreciation when you buy a used car, but it won’t be anywhere near as severe as with a brand new one.
A Good Deal
Buying a car is never a cheap thing to do, but you can work out different ways to save money if you’re savvy and think ahead. It’s far easier to do this when you’re buying a secondhand car than a new one. A dealer knows the new car will sell, and their profit margins will be low, so they won’t be able to offer you much help. With a used car, the profit margins tend to be bigger, plus they’ll want to move the stock along, so if you are prepared to negotiate, you can get some money off or even things thrown in for free (such as a free tank of fuel or some insurance). You can then use that money you saved to spruce up the car, perhaps with a good professional valet or you might even look at custom number plates and treat yourself.
You might assume that you’ll have a lot more choice if you opt to buy a new car simply because you can have your pick of the market, perhaps even having a car designed just for you. In comparison, if you’re buying a secondhand car, you’ll have to make do with what is out there, and your choices might therefore be limited.
This is true in some ways – you will have plenty of choice when buying a new car. However, you’ll have just as much choice when buying a used one. The reason is the internet. Today, you can search for a car that matches your exact requirements and, although once you might have been hampered by geography, in many cases – assuming you’re buying from a dealer, of course, and not a private person – you can have the car sent to you.
There are even companies that specialise in this, bringing the car you’ve chosen to your door from anywhere in the country. This means you can get the car you want without any problems, even if you’re buying second hand.