It really is the age old question- should you get a used car or get a brand new one? While the allure of a new car is undeniable, with its extended warranty and the intoxicating new car smell, it is not very financially practical. A used car in good condition will offer the same level of service but without costing you a small fortune. Times are dire, and if getting a car with a five digit odometer reading means saving you a significant sum, you should be amendable to the idea of buying used.
Why a Used Car Makes Sense
There are more used cars Scunthorpe than you can count. This abundance will spoil you for choice. A new car that would have otherwise been outside your reach becomes more affordable when it’s used thanks to the factor that is depreciation. A new car, once driven off the dealership loses a significant percentage of its value. This could be thousands or even tens of thousands of pounds depending on model, resale value notwithstanding. Still not convinced that you should buy used? Well, consider that:
Cars Today Are Built To Last
A two or three year model will still be in a great running condition. Manufacturing standards are steadily increasing, and even a four year old car will still have many years ahead of it. If you are careful enough to buy a well maintained car, the running costs won’t be vastly different from someone who bought a new one.
You’ll be sheltered from the depreciation
The worst of the depreciation will have been suffered by the original car owner. The car will still lose value once it is in your possession, but minimally. If the car has a great resale value, you’ll hardly be affected by its depreciation when you finally decide to sell it.
You can still get warranty cover
A three year old car might still be covered in the original warranty once you buy it. If it is transferrable, you’ll get a cover that will afford you some peace of mind. This will mitigate your running costs, as most of the maintenance costs will be covered.
It will cost you less to insure
A used car typically costs less to insure, regardless of whether it’s a luxury model or not. Its depreciation will be reflected in the insurance cover. Your premiums will be cheaper. In the bigger picture, this means that the ownership costs will be more manageable.
It will be easier to get financing
Used car financing deals are more abundant. This is especially important for buyers with a less than perfect credit rating. Since it costs less to buy this car, many financiers will be more willing to stand by you, since the risk is somewhat smaller. If you can put up a sizeable deposit, financing for used cars Scunthorpe is almost guaranteed.
So in response to the titular question, the answer is yes, you should buy a used car. If you don’t care about owning the latest model, you’ll be contented because the benefits of buying used greatly outweigh the risks.