The automotive market in the UK is in a state of flux as many manufacturers struggle to figure out exactly how they’re going to cope with the widespread shift towards hybrid and electric vehicles. In such a market, buying a brand-new car comes with quite a few drawbacks.
With prices soaring and the entire industry being changed from within, buying a used car that you could quite comfortably trade in a few years down the road without spending (and losing) a fortune seems like an increasingly smart idea and while there has been a major rise in the prices of used cars in recent years: there’s always the potential for significant long-term savings with a pre-owned purchase.
Less Depreciation: Maximising Your Investment
One of the most compelling reasons to opt for a used vehicle is the minimisation of depreciation. New cars lose value the moment they leave the showroom – a steep price drop that used car buyers can cleverly sidestep. Indeed, it can lose as much as 40% of its initial value by the end of the first year. A vehicle that's a few years old will depreciate at a much slower rate, offering a much better return on your investment.
Lower Insurance Costs: An Economic Edge
Insurance premiums tend to be significantly lower for used cars thanks to their reduced market value. This reduction in insurance expense is another slayer of savings, as you could save multiple hundreds of pounds not only initially but every year too.
Endless Choices: Finding the Perfect Match
When it comes to selection, the used car market is unparalleled, to the extent it can be quite daunting for first-time buyers. Whether you're seeking a particular size, body style, or engine type, you’ll be spoilt for choice whether you’re looking around showrooms or searching online. This includes models that have been discontinued too, giving petrolheads access to pieces of legitimate automotive history. For those who want a decent balance of performance, price, and luxury, opt for a used BMW 1 series could be the perfect option. The diversity in the used car market means there's something for everyone.
Peace of Mind: Reliability and Efficiency
Contrary to some misconceptions, used cars can be remarkably reliable and efficient. With the right research and a thorough check, buyers can find cars that have been remarkably well-maintained and might not even have done that many miles. This reliability is further complemented by the potential for greater fuel efficiency, particularly in models that were designed to be more economical.
The Practical Choice
Above all else, the most tangible benefit of buying a used car is the practicality of it. New cars might sometimes have factory guarantees but they will run out and you’ll be paying a premium if you want to keep them. Used cars are cheaper to buy, cheaper to insure, and offer far more flexibility when it comes to cost vs functionality. It’s probably the easiest decision you’ll ever have to make.
