Our Top Reasons as to Why You Should Purchase a Used Car
This article is written by Holders of Congresbury, a leading provider of used cars in Weston.
There are a lot of different reasons as to why purchasing a used car is a fantastic investment. When looking to purchase a car – you have the ability to purchase a brand new car or a used car. Although some motorists prefer to purchase a new car every couple of years, this simply may not be viable for many motorists who find that a used car is a better investment – especially when looking at depreciation rates on new vehicles.
We have written this article to give you some inspiration when looking for your first or next used car as well as to tell you reasons as to why purchasing a used car is such a fantastic investment. If there are any additional benefits that we didn’t cover for our top picks, why not let us know in the comments! We’d love to hear why you choose to purchase your used vehicle.
1. A Used Car is a Cheaper Investment
One of the main reasons to choose to purchase a new car is because of the fact that it is a cheaper investment than purchasing a brand new car. Some vehicles depreciate at much higher rates than others; however some can even depreciate by up to 40% of their market value over the first 8 to 10 years. This is a huge amount of money to potentially be lost in terms of the value of the car so this is why individuals tend to look at purchasing used cars that are a few years old if they want to purchase a new one. For first time buyers – a new car sometimes just isn’t a viable option so they opt to purchase a used car to reduce the initial investment.
2. Lower Insurance Allows for Car Maintenance
Insurance may be of concern to you – especially if you are a newer driver. New cars tend to have higher insurance rates, especially at the start of their life right when you have picked up the keys as they are a lot more expensive. This means higher payouts for insurance companies as they need to cover a more expensive vehicle which can lead to some very high monthly costs or insurance premiums. Investing in a used car allows you to spend less per month on insurance payments and this allows you to have a budget for car maintenance and other costs.
3. A Fantastic Investment for Those Who Change Cars Often
Buying a used car is perfect for those who frequently change cars. Provided nothing goes terribly wrong with the vehicle – you are able to resell a used car a couple of months or so after purchasing for around the same amount of money that you put into it. This allows you to shop around and change cars as well as ensure that you have the means to purchase your next car. Many dealerships will allow you to part exchange when upgrading to your next vehicle.
4. Guarantees & Warranty from the Manufacturer or Dealership
We highly recommend that you purchase a used vehicle from a reputable dealership instead of purchasing privately. This protects you in the event that anything goes wrong and most dealerships will offer guarantees and warranties on vehicles purchased. This protects you in the event that anything goes wrong. Although you would expect your used car to be in good working order – issues can crop up while the car is not in use so this is also why it’s important to arrange for a test drive to see how the car is on the road.
5. You Have Access to a Wide Range of Different Vehicles on a Budget
There are older models provided by manufacturers that are more attractive or desirable than newer models and this can match your budget and allow you to purchase a better car for less. You also have access to a wide range of vehicles as when you are purchasing a used car – it has been in use for several months or maybe even years. This means that you don’t have to wait to order a new vehicle and due to recent world events – production and availability of new cars has slowed globally.