Last Updated on July 24, 2019 by Melissa S.
Whether through necessity or just seeking value for money, everyone wants to make their money work harder. This is especially true when making bigger purchases, and they don’t come much bigger than buying a car.
While there are many ways to save money in your day-to-day life, opting for a used car has the potential to save you thousands compared to a brand new model. However, it’s only natural that you’ll have some concerns about taking this approach, especially if you’re new to the market.
A little research goes a long way towards encouraging you to make an informed decision. Here’s all you need to know.
Reduced Costs (Not Only At The Point Of Sale)
Most products in this life are cheaper to buy when they are secondhand. However, the contrast in prices between new and used cars is incredible. The rate of depreciation is rapid in the first year, and new vehicles can lose thousands in value as soon as they leave the forecourt.
Used cars are, therefore, a lot cheaper to buy while they’ll also hold their value better. Most people change their vehicles several times in their lives. So, establishing a strong platform here can make a huge impact on all future car purchases. If you think that you’re likely to switch cars fairly often, it’s best to go for a used one.
Insurance is another area where you can save a lot of money. Visit https://www.admiral.com/car-insurance to learn more. Although it is possible that road tax will be a little higher, the savings easily outweigh the negative elements.
The big worry, however, is whether the car will show signs of faults. As long as the vehicle comes with a full-service history and doesn’t have too many miles on the clock, you won’t have to worry too much.
The Practicalities & Choices
The used car marketplace gives you a lot more choice as your budget will go further. However, it is worth noting that you may struggle to find the model you want in the colour that you like. Additional tech features may be difficult to find too.
Nonetheless, when you choose a reputable dealer, you should have no problems finding a suitable model. Besides taking a test drive may open your eyes to the benefits of a car that you’d previously overlooked. Visit Looking 4 Car Finance to learn more. While you might not get all the tech you want, it may be your chance to enjoy lost treats like a CD player.
It is worth remembering that some minor faults are to be expected over the coming years. As such, it’s probably best to choose a vehicle that is quite popular. Trying to find replacement parts on a rare vehicle is tough. And expensive.
Customising the used car to make it tailored to your driving preferences is quite easy. You may lose some of the options offered when buying a new vehicle. Nevertheless, this solution can still be very practical for your family as well as its finances.
In truth, there could never be one single right or wrong answer as to whether you should buy a used car instead of a new one. Still, if you can find the car you like in the condition that you deserve, there’s no question that it’s an outcome worth considering.