If given the choice, the majority of motorists would choose to purchase a new car instead of a used one. However, due to the cost of a brand new car, the majority end up going second-hand. In actual fact, buying used actually brings a handful of advantages and in many cases it is the best route to go down. Here are a few of the benefits of buying second-hand:
Obviously, the main advantage of going used is that the cost is significantly cheaper than purchasing a brand new car. You could save a huge sum by going for a vehicle that has only had one owner and is still relatively new, but the luxury of being the first owner will put a huge strain on your finances.
One of the main drawbacks of buying new is the fact that the automobile will begin to depreciate in value the second that you leave the lot. There are not many new cars that are worth half of their original value after just three years – this will be a huge financial hit if you decide to sell the car on. The rate of depreciation tails off after this, so you sidestep heavy depreciation by buying used (especially if it is older than 3 years).
One of the great benefits of buying a used car is the fact that there is such incredible variety to choose from. No matter what you have in mind, there is a good chance that you will easily be able to find it somewhere in the country. This has been helped by the rise of the internet and car supermarkets like AA Cars.
There is a nasty sting in the tail with used cars in the form of unexpected fees. Dealerships charge all kinds of money for certain aspects of the sale which can cost a fortune. Whilst you still may have to pay some fees on a used car from a dealership, these will be nowhere near as much. There will be no fees involved with a private sale.
Another key benefit is that your insurance should be a lot cheaper if you purchase used. This is because the value of the car plays a key role in deterring the cost of insurance, so your premium will be lower as a second-hand car is not worth as much as a brand new one.
Overall, buying a used car makes a lot more financial sense and you have an enormous range of automobiles to choose from.