While there are some benefits to buying a new car, more often than not you will find that it makes more sense to buy used (especially financially).
Keep reading to discover the benefits of buying used over new and why most motorists will shop in the used car market when looking for a change.
The most obvious advantage is that you can make huge savings by shopping in the used car market. Many people would find it hard to afford the cost of a new car, which also means that you can get more for your money when you buy used. Used cars are cheaper because they are not worth as much (more on this to come), previous owners and the mileage. These savings can then be useful when it comes to other vehicle costs.
Often, you will find that you can also pay less car tax compared to a new car. This will depend on the model, so you should always do your research beforehand whether you are buying new or used.
Depreciation Has Already Happened
Another major reason to choose a used car is that the biggest depreciation hit has already occurred. New cars can lose around a third of their value after just 1 year and over 50% after 3. This means that you will not be taking a huge financial hit if you decide to sell the car down the line.
No Waiting Period
If you want to buy a new car right now, there is a good chance that you could be waiting a while. This is due to the global chip shortage, which is creating havoc in the production industry. The used car market is enormous and it should not be too hard to find what you are looking for, especially by searching online for cars in your local area, such as used cars for sale in Birmingham.
Due to used cars being worth less than a brand new car, you should also find that second-hand vehicles are cheaper to insure. Car insurance is a major cost to cover, especially for young drivers, so this can be a major advantage of buying used.
As you can see, it makes a lot of sense to buy a used car, especially those that are concerned about money. The used car market is enormous and it should not be too challenging to find a car that is within your budget and ticks all of the boxes.