A brand new car can be a tempting purchase if you are looking to get a second car or replace your own vehicle. Financing is often easier with new cars, and they will usually come with all the latest safety features and technology. However, buying a brand new car is generally not the best financial decision for many different reasons. Here are some reasons why buying a used car is typically a smarter move.
New Cars Immediately Lose Value
If you are trying to figure out whether you should be a used or a new car, bear in mind that the moment you drive a new car out of the showroom, it will go down in value. Some car makes do hold their value better than others and new cars do tend to last longer these days compared to in the past. However, new cars can still lose up to 30% of their value within the first year of you owning them.
You Can Get More for Your Money
When you’re shopping for a used car Essex, the fast depreciation on new cars can sometimes be something that you can use to your advantage. This is because not all used cars are going to be old cars that are falling apart! In fact, you might be able to get a used car that has only been used for a few months to a year, which is almost brand new but has already lost a lot of its value – meaning that you can get a car that feels, looks, and drives just like a brand new one for a much cheaper price compared to actually buying it brand new.
Another great reason to buy a used car is that there are more cars to choose from. If you don’t mind driving a car that is a couple of years old, then you will have more options compared to only being able to choose from the latest models that have been released this year.
More Reviews and Data
Another benefit of buying a used car rather than a new one is that there will be more information out there about them. When it comes to finding out how reliable or safe a new car is, all you really have to go off is the manufacturer’s information. On the other hand, when you are buying a used car, it’s going to be more tried and tested, and you can find online reviews or speak to friends and family members who have owned cars to find out more about what their experience was like.
Reduce Insurance Costs
Typically, the more a car is worth, the more the insurance company will need to pay if it is damaged. So, when you buy a used car, you are not only reducing the amount of money that you will pay to buy the vehicle itself, but also the ongoing cost of insuring it.
If you are in the market for a new car, then it’s always a wiser idea to go for a used car rather than one that is brand new.