Why Buy New When You Can Buy Used Cars?
If you think it’s better to buy new cars over used ones, you might want to reconsider. Buying a new car might sound like a dream, but there are many arguments for why choosing a used one might serve you better in both the short and long term.
Discover why buying a used car might be the better option in this guide to new vs used cars.
The Cost Factor: New vs. Used
We all know that new cars don't come cheap, but here's the kicker: they start to lose value as soon as you drive them off the forecourt. This phenomenon is known as depreciation and is a harsh reality in the world of new car purchases.
It's said that a brand-new car can lose up to 20% of its value in the first year alone. After three years, this number can reach a whopping 40%. These figures can seem a bit grim, especially considering the sizeable investment that a new car represents.
On the flip side, opting for a used car allows you to sidestep this rapid depreciation. That's because the value of a used car has already taken a hit from its previous ownership. The initial steep drop in value you're worried about has already happened. So, when you buy a used car, you won't lose as much in depreciation straight away. In fact, the value of used cars tends to decrease at a much slower rate.
Cheaper on Registration Fees and Taxes
When you buy a car, you also need to pay taxes and new registration fees. New cars have more expensive purchase costs compared to older and used vehicles. You can save even more money by buying affordable used cars with cheaper fees and taxes.
The taxes and fees are calculated based on the present retail value of the vehicle. So, if the car you bought is a bit older, it may be subjected to discounts when it comes to taxes. Before you close the deal and buy a used car, be sure to check the fees.
Enjoy Additional Features
Not a lot of drivers realise this, but one of the advantages of buying a used car is that it already has supplementary features that you won’t get with a new car. For example, a second-hand vehicle may already have built-in navigation tools, LCD monitors, audio systems, sunroofs, or leather seats.
Many of these features are add-ons when you buy a new vehicle, and that means paying more to customise your car. Buying second hand cars gives you the opportunity to save money as you don’t need to add these features on yourself.
You Get a Variety of Options
If the idea of having a diverse range of options excites you, you're in for a treat with the used car market. It typically features more options, offering all sorts of makes, models, and years. This huge amount of choice lets you cherry-pick to your heart's content, ensuring you find a ride that's a perfect fit for your needs and tastes.
You might even stumble upon a higher-spec model within your budget – something that often remains a distant dream when buying new. With the affordability of used cars, you could find yourself behind the wheel of a car with all the bells and whistles without breaking the bank.
More Affordable Parts and Repair Costs
Did you know that it’s much easier and cheaper to repair a second-hand car than a new one? It’s because most of the parts you might need are readily available. You no longer need to get them straight from the official retailers.
You can even buy parts online to make it even more convenient for you. If you really want to save money on car parts, you might also try visiting salvage yards, where you can get them at a low cost, or if you’re lucky, you just might get them for free. Of course, you should probably check with a mechanic before you start visiting scrap yards for parts.
Lower Insurance Costs for Used Cars
When you’re looking for used cars in the UK, you may notice that car insurance fees for second-hand vehicles are much lower compared to brand new cars. It’s more expensive to insure a newer vehicle because it would simply cost so much more to replace it in the case of an accident or theft.
If you’re going to switch to another used car, the premium won’t increase exponentially. And even if it does go up, it would only be a small amount. Getting comprehensive coverage would be a good idea.
What to Check Before Buying a Used Car
There are important steps you should remember when shopping for a used car, and mistakes you want to avoid. Unlike a brand-new vehicle, you need to perform checks on the used car to make sure that it’s still in good shape and everything is legal. You should also ask a trusted mechanic to check the car for you, so you’ll have peace of mind. Here’s some of the most important things to do when buying a used car UK:
Check its History
Before you buy a second-hand vehicle, check its history. You can ask the present owner of the car for this if it’s a private sale. An honest seller won’t hesitate to help you with what you need. Ask for the paperwork and documents relating to the car so you can check that they’re authentic and accurate. Also make sure to do an HPI check to ensure all the details match and it's not subject to any outstanding finance.
Examine the Car
If the documents are all good, you may proceed to check the car for paint or rust damage, frame issues, upholstery, interior electronics, mileage, and tyre condition. For the engine, it’s best to ask a mechanic to help you if you really want to be assured it’s in good condition.
Go for a Test Drive
Don’t forget to take the car for a test drive. It’s a crucial part of checking a second-hand vehicle before buying it. Prepare your route so that you can test the performance of the car as you drive it through various road conditions. Check if its acceleration, manoeuvrability, suspension, and braking are all performing well. Listen for any odd sounds.
Buy a Second Hand Car with Carmoola
With all the benefits you can get from buying a used car, why buy new? A second-hand car will allow you to save a significant amount of money while still getting a car that looks good and performs well. With adequate maintenance and care, your used car can last for years.
You may also consider getting used car financing. You can make the purchase through monthly instalments for a few years. This way, you won’t have to spend all your savings on the car. You can simply set aside a big chunk of it for upgrades, maintenance, fuel, and other expenses.
Check out our range of car finance deals today, including our Hire Purchase finance options. Getting the finance that you need has never been easier. We carry out a soft search that won’t touch your credit rating, and you can get a decision in as little as 60 seconds. Oh, and did we mention the whole process is carried out entirely online?
You can read our guide for how our finance works to get a better idea of what to expect. 👍