Deciding whether to buy a used or new car can be difficult. There’s clear pros and cons to each option, but for most, buying a used model makes much more financial sense than buying new. However, it’s not just the cost savings which make investing in a used car worthwhile – it also enables you to potentially get more for your money.
Understanding the cost savings
The initial purchase price is obviously the main cost-savings associated with buying a used car. Compared to buying brand new, the cost of an almost new used car can be thousands of pounds cheaper.
This is largely down to depreciation. Did you know that a new car loses approximately 20% of its value the minute it is driven out of a showroom? When you’re talking about mid-range models, that adds up to a lot of money! That’s why used mid-range vehicles are often substantially cheaper than new ones, even if they aren’t very old.
It also means you won’t lose as much money if you plan on selling the car. So, if you are on a budget, buying used does make a lot more sense financially.
Helping you to get more for your money
As used mid-range models are typically a lot cheaper, it means you can often get much more for your money. Say you look at used Toyotas for example. You’ll find a wide range of different mid-range models, with some offering a lot of extras that you wouldn’t get for anywhere near the same price if you were to buy a used model.
The actual car you can afford will also be better than if you were to pay the price of a new model. So, if you’re looking to upgrade and you don’t want to spend a fortune on finance, investing in a used mid-range car is an ideal opportunity.
Mid-range luxury models do tend to come with many more features too. Think park assist, heated seats and a sunroof as standard. The technology you can afford with a used model can make driving a lot more fun, safe and comfortable.
Overall, buying a used mid-range car could be a much wiser investment than buying new. If you’re looking to not only save money, but get more for what you do pay, a used model is exactly what you need.