If given the option, the majority of motorists would opt to have a brand new car as opposed to having a used one. At first, this may seem like the best option and there are a few key benefits such as zero miles on the clock and being covered by the manufacturer’s warranty, but when you look a little closer you will find that in most cases it is actually wiser to own a used car. Here are a few of the reasons for this:

More for Your Money

First, you will be getting more for your money if you opt for a used car. If you were to purchase brand new you would have to spend a lot of money even on a vehicle which is not that fantastic, but you could spend the same amount of money in the used car market and drive away with an excellent vehicle.

More Affordable

Obviously, it can also be much easier to find a cheap car in the used car market and this will appeal to many motorists. Buying a car is often the second-largest purchase that somebody will make behind buying a house, but it can be much better for your bank balance if you shop in the second-hand market.

Depreciation

One of the major financial reasons that it is smarter to buy used is that you can avoid the biggest depreciation hit. Depreciation can be as much a 35% after just one year of ownership and 50% and upwards after three. By purchasing a car that is a few years old you will avoid the largest hit and this means that you will not lose as much money when you sell the car down the line.

Insurance

There are many factors that will determine the amount that you pay for your car insurance and the value of the car that you drive will be one of the main factors. As established, depreciation means that used cars are worth significantly less and therefore are much cheaper to insure than a brand new car. 

Variety

The used car market is gigantic which means that you should be able to find exactly what you are looking for and at a reasonable price with a little patience. It may be tempting to go to a private seller where you will get lower prices, but it is always best to shop from reputable car supermarkets like Imperial Cars. This will give you added consumer protection as well as finance options. 

Reliability

Modern day automobiles are incredibly well built which means that even an older vehicle will still be highly reliable and particularly if you opt for one of the most trusted manufacturers. Additionally, many manufacturer warranties are much longer than they were previously which means that you are protected for longer too.