When you’re looking to buy a car, it often makes sense to look into used, rather than new models. The cost of a brand new car these days typically adds up to thousands of pounds. Most of us simply don’t have that sort of cash lying around. Therefore it makes good financial sense to invest in a used car. Below you’ll discover the top 10 reasons why shopping a used car makes good financial sense.
- They are cheaper to buy outright
Used cars are a lot cheaper than new ones. You can often buy a model that you wouldn’t otherwise be able to afford if it was brand new. For example, you can buy a new Mazda from the Jennings Motor Group for a fantastically low price. This gives you more choice for your money. It is the number one reason why people choose used over new cars.
- Longer warranties now available
These days the factory warranty of cars tends to be quite long. This means when you buy a used car, you get more peace of mind in case anything goes wrong.
- You don’t need to worry about depreciation
As featured on Whatcar.com, when you buy a used car you don’t need to worry about depreciation. New cars automatically lose 20% of their value the minute you drive out of the dealership.
- They can cost less to repair
Provided you aren’t buying a classic car, typically used cars will cost a lot less to repair if something goes wrong.
- Cheaper to insure
Older used cars are also cheaper to insure than a new car. This can save you literally hundreds of pounds.
- Buying from a private seller is cheaper
Buying a used car from a private seller is typically much cheaper than buying from a dealership. This is because they don’t have as many overheads and many sellers are looking to get rid of their car quickly. This means they are more likely to offer a good deal.
- More value when it comes to selling
You will usually get a much better price selling your old car than you would selling a new car. As reported on Ask Men, the price of a new car depreciates after you initially buy it. Therefore you will never make your money back. However, with a used car you won’t make as much of a loss.
- The money you save can be spent on other things
The money saved when buying a used car can be used for other things. Paying off debt, shopping or even treating yourself to a holiday are all possible with the money you’ll keep.
- It makes you a savvy shopper
When you have to look for a used car, there are many things to which you need to pay attention. Being cautious is the sure-fire way to find the best deal. You can take this savvy shopping experience and use it for other purchases you make in life.
- They often come with mod cons
When you buy a new car, you often have to pay a lot more for those useful extras. Used cars often come with extras so you could save a lot of money.