When looking for your next car, the temptation is always to see what’s newly out on the market. But thinking strategically, what you should be doing is looking at the used car market instead.
A recent report by the AA stated that approximately 74% of people who had recently purchased a vehicle, had bought a used one. And when you look at first time drivers, that figure rises even more.
There are good reasons why people buy used cars so frequently, ones that go beyond the high price point of new vehicles making them inaccessible to some. So let’s take a look at what some of the key reasons are for selecting a used car, and why it would be a wise thing to consider when looking for your next vehicle.
Now it goes without saying that a used car will be cheaper than the brand new equivalent. But the cost efficiency with used vehicles goes beyond this. It’s typically said that as soon as a car leaves the showroom the value drops by 20%. So even for a car that is very close to being brand new you’ll already be making a significant saving. And the biggest savings of all are said to be by aiming for the 3 year sweet spot. This refers to the period after which many cars that have been purchased brand new on finance deals will find their way into the used car market, as finance contracts typically run for around 3 years. So, for the used car buyer, looking for a car that is around 3 years old means you stand a good chance of finding a model with only one previous owner, that still performs to a high level and comes in at around half of the original price.
Typically, your budget will get you a lot further in the used car market. And with that, you’ll have far greater choice in terms of the variety of vehicles you can afford. So why limit yourself and your options based simply on what’s brand new? We often make the mistake of thinking that a brand new car would be the fanciest one we could buy, when in reality, buying a used one could open the market up to you, bringing higher end vehicles into your price range.
A greener option
There are two sides to this one. Newer cars are increasingly built to be more environmentally friendly, so you could argue that opting for a brand new model is likely to mean your car will be doing less environmental damage. And you’d likely be correct. However, by opting for a used car you are extending the life of that vehicle considerably, and making use of those materials for far longer before they’re consigned to the scrap heap. Added to that, buying used reduces the demand in the market for new vehicles which require a large amount of industry and burden on the environment to produce them.
If you do decide to make your next car a used one, then always make sure you go with a trusted dealership and run checks on the car online before purchasing. And if you have any concerns about a used car not being up to standard, keep in mind that quality dealerships will also typically allow you to return the vehicle within a certain period if you find that it’s not quite right for you.
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