Why buying a used car can be better for everyone
“Used or new” is a conversation we will all have with ourselves (and our significant others) countless times throughout our lives. Never is the conversation more apt, however than when discussing a new or used car. There are always going to be those who swear by that “new car smell” and that used cars are nowhere near as good, but if anyone says this to you then they’ve probably never actually owned a used car. In fact, used cars are a vastly more popular option for the majority of drivers. And here are a few reasons why.
Depreciation – Cars tend to dramatically depreciate in value the moment they are driven off the forecourt. Indeed, a new car will lose up to 50% of its value in the first three years alone and while there are definite perks to buying new (warranties, low financing, less maintenance) it’s almost all overwritten by the sheer depreciation factor.
Choice – Whereas buying a new car often limits you to the models currently being manufactured, if you’re buying secondhand then you have literally thousands of makes and models to choose from. Fancy a classic car from the 1960’s retrofitted as a modern beast? It’ll be out there somewhere. Or maybe a car that didn’t sell too well when it was first manufactured but has gone on to become something of a hidden gem? The world is your oyster here folks.
Finance – Car financing used to only be for new cars and people with perfect credit scores. But thanks to companies like Go Car Credit, it’s now possible for even those with a troubled credit history to be approved for car financing and they are that much more likely to be approved if the car is used.
Value – You will always get more bang for your buck going used, particularly if you’re willing to look at the models that might have a few more miles on the clock than you would prefer.
Insurance – Because new cars have more advanced security and safety features, it’s often cheaper to insure them. However, with the money you’ll save on buying a used car you’ll have way more to spend on your insurance policy. You might be able to afford to shell out for an extended warranty too!
First car – Everyone remembers their first car and it’s often a fond memory. That’s because, when we’re first learning to drive, we might not have quite enough to afford the car of our dreams and will undoubtedly end up with something we never pictured ourselves driving in. But if you go used for your first car, you’ll be able to afford something far more desirable than if you were to visit a showroom and ask for ‘the latest model.’