There are many factors which may push you towards getting a used car. The petrol and diesel ban, where no new petrol and diesel cars will be manufactured after 2030, may influence drivers towards used cars while they can still get their hands on them. It is expected after the ban, the price of used cars may increase as the demand could be higher. Whilst we do agree, there’s no better feeling than driving a brand-new car and having the freedom to modify it as you like, for many road users, a brand-new car can be far too expensive and out of budget. The guide below looks at how your life could be benefitted by buying a used car.
1. Less depreciation.
Depreciation refers to the amount of value a car loses. The depreciation rate can vary depending on the type of car you get but brand-new cars tend to depreciate at a faster rate than used car. In the first year, some new cars can lose up to 50% of their value. This means when you come to selling it on or part exchanging a car, you could lose out. When buying a used car, most of the deprecation will have already been accounted for and you’ll not lose out as much when it comes to getting your next car.
2. Lower purchase price.
One of the main benefits of buying a used car is their lower purchase price. Second-hand cars have already been loved by someone else and the depreciation has already happened, so the purchase price tends to be lower. This can be a great option for drivers who don’t have a larger budget for a car and helps to make financing a car more affordable. Choosing a used car doesn’t have to mean you have to choose one that’s 10 years old and on its last legs either, there are many used cars deals that mean you can get a car in great condition and without breaking the bank.
3. Huge availability
The second-hand car marketing is booming and usually, there is plenty of availability for used cars. Shopping for a used car can seem like a minefield as there is usually so much choice for your budget. You can buy a used car from a car dealers and private sellers, but it can be a good idea to do plenty of checks and test drive as many cars you are interested in. You don’t need to be rushed into making a decision and should take as much time as you need. Its recommend that you buy a used car from a dealer though as you get an extra layer of protection for your vehicle than you would when buying from a private seller.
4. Bad credit friendly
Car finance is a popular way to find your next car purchase and means you can spread the cost into payments that suit you. Buying a second-hand car on finance can make your money go even further due to the lower purchase price. If you’re looking for used cars bad credit, it can also be more accessible through finance deals such as hire purchase. This is because the value of the car is split into equal monthly payments and the lender owns the car throughout the agreement. This means if you fail to stick to the rules of your agreement, which you may have done in the past if you have bad credit, the lender has the right to take the car away from you. This helps reduce the risk to the lender and they can sue the car as collateral if you fail to pay.
5. Warranties available.
One of the main benefits of new cars is the ability to get a warranty for added peace of mind. However, more dealerships are offering their own warranties when buying a used car. There are also more manufactures who are offering extended warranties on new cars which can be transferred with ownership. Hyundai now offers a 5-year warranty and unlimited mileage, and Kia also offers a 7-year warranty/100,000 miles which can be transferred when you come to sell the vehicle. This means you could benefit from a used car that is only a few years old and still enjoy the added layer of protection with a free warranty for a number of years.
