There are several reasons to buy a used car, with the below four points being the most prominent.
Cheaper To Buy. Te primary reason why most people choose to purchase a used car is the fact that they are simply cheaper to buy than a new car. Whether buying from a used car dealership, from an online auction website or a friend who lives around the corner, nine times out of ten it will be cheaper to purchase a second hand car. The reason behind this is the same as with any second hand item around the world, it has been used and is now unwanted, lowering its value. Whilst it may not be a suitable car for its sellers, chances are it will be more than appropriate for a large quantity of people.
Do Not Lose Their Value. All new cars, regardless of their make, model or price tag depreciate in value continuously. As soon as a new car is driven off the forecourt of the garage, it begins to lose its value instantly. This loss of value is not minimal either, most cars will lose a minimum of 20 percent of their value in the first year and go on to lose over three times as much over the course of five years, meaning a car that cost 30,000 pounds brand new would be lucky to sell for 10,000 pounds and that is assuming it is in top condition with below average mileage.
Cheaper To Run. In several cases, used cars are generally cheaper to run, especially
when looking at Road Tax. This is particularly apparent in vehicles that have larger engines and were registered before 2001. The reason behind this is that if the car has a large engine, over 1.6litre and it was registered prior to March 2001, the Road Tax for the car is going to be 190 pound. However, for the same vehicle registered after March 2001, the Road Tax is calculated upon the emissions and as larger cars generally have larger emissions, an owner of 3.0litre car registered in April 2001 may pay 200 pounds more Road Tax a year compared to the same car registered a month earlier.
Lower Insurance Premiums. Unless buying a classic car, a super car or an extremely high valued car, insurance premiums on a used car will almost always be lower than on a new car. This is because the used car is worth less, so therefore the insurer would have less money to pay out should a claim be made because the car is stolen or needs extensive repairs. In must also be noted that to reduce insurance premiums even further, owners of used cars should ensure an alarm and immobilizer are fitted and that the car is parked in a safe place both during the day and at night. Coupling these points with general safe driving and a high No Claims Bonus, it would not be unwise to assume that a car insurance premium would be no more than one or two hundred pounds for a full years worth of driving.
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