The Advantages of Buying a Used Car
Despite the undeniable allure of purchasing a brand-new vehicle and knowing that you are the only one to have used it, it may not necessarily be the best decision. There are, in fact, various advantages of buying a second-hand car instead of splashing out on a shiny new model.
When you look closely, the allure of a factory-fresh vehicle often comes down to ingrained social pressures rather than actual advantages, and the gratification of spending a large sum on a fancy new model is short-lived and dissolves quickly.
In this article, we will explore the advantages of buying a used car rather than a new one.
You Can Get Something Better for the Same Price
Because used cars are less expensive than new ones, you can often get a used car that is significantly higher quality and more powerful than a new car that you could buy for the same amount. In some cases, you may even be able to buy a luxury car such as a pre-owned Ferrari for the same amount as a brand new hatchback!
While the newer model may require less maintenance, it will probably be far less stylish, and you won’t be able to tell people that you drive a Ferrari! In fact, in a couple of years, it is likely that the more modest vehicle will be worth less than the used luxury car.
You Can Save a Lot of Money Upfront
The most obvious advantage of opting for a used car over a new one is the cost. Used cars are cheaper than cars straight from a dealership, even though they are sometimes in almost identical condition. Not every used car is a worn-out old banger with hundreds of thousands of miles on the clock – plenty of used cars have been maintained with love and care by their previous owners, and repairs may have already been carried out on them. Not to mention, some used cars could have been bought new only a matter of weeks before and sold with very little mileage or wear and tear!
The money that you save on opting for a used car can be a significant sum, which can be spent on any number of things, such as family, social life, or the home, rather than sitting in the garage!
Used Cars Usually Depreciate More Slowly
Depreciation in a car’s value is unavoidable regardless of whether a car is bought new or used. However, the rate of depreciation is significantly less for cars that have already been used than for new ones – for example, it is estimated that a newly-bought car loses almost a fifth of its value the second it leaves the dealership! Depreciation is the second biggest cost, after fuel, of owning a car for most drivers. Buying a car that is already used and at least a couple of years old dramatically reduces the rate of depreciation, so that if you sell it in future you will get significantly closer to the amount that you paid for it that you would with a car that you bought new.