5 Reasons to Buy a Used Car

by admin on August 4, 2017

Despite the luxury of being able to buy a brand new car, there are many reasons why motorists opt for used vehicles when purchasing a new or in this case ‘newer’ car. If you’re in two minds about whether or not to buy a new vehicle, read our top 5 reasons to buy a used car to hopefully help add clarity to your research.

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1. Great Value

A used car will always be cheaper than a new model. Once it has been driven off the lot it will lose value and likewise, once it has had at least one owner. If you’re looking to save some money, a used car is definitely the answer. When you buy with us, we can guarantee a great price which reflects the age and wear and tear on the vehicle.

Better Finance Options

Again if you’re looking to save money all round, a used car is likely to give you better finance options as car supermarkets, like Eddie Wright, can offer competitive finance packages to appeal to many different motorists and budgets. An essential step when financing a used car is to compare the Annualised Percentage Rate (APR). From this, you’ll know how much will be added onto the finance and what you’ll have to pay.

If you’re considering buying a new or used car on finance it may be worth looking into Guaranteed Asset Protection (GAP) insurance. It ensures that, if the vehicle is written off or stolen, the shortfall will be met between yourinsurer’s settlement figure and the value of your car when you purchased the Gap cover.

2. Decreasing Depreciation

Most drivers understand the loss in value as they drive a brand new car off the forecourt, however many don’t realise this loss can be as high as 20%. If you’re looking at this vehicle as somewhat of an investment you’ll understand that this is a great deal of money wasted. This loss can be avoided even by buying a one-year-old car after all when we say ‘used’ we don’t mean a 1990’s banger that should have gone to car heaven years ago. Once a vehicle has at least one registered owner the car is now technically used, even if that driver was the dealership who bought the car outright to sell on as pre-reg.

In this case, you might be able to sell it for the same figure you bought it for. However, this won’t be the case for a new car, because it loses value as soon as it’s been driven.

Lowering Insurance Costs

The value of your vehicle plays a part in calculating the cost of premiums, which then affect your insurance. Other factors such as age, occupation and driving history can impact your insurance on a used vehicle. All of these factors combined play a part when determining whether a used car is suitable. It is usually better to shop around for insurance to get the best deal, as insurers judge a vehicle’s age differently and therefore could increase the cost of your policy despite it being older.

More Choice

There’s a huge range of second-hand cars on the market, far more than are available new, just take a look at the used cars in stock at Eddie Wright and you’ll know this to be true. You may find that an older model that is no longer in production makes more sense for you, or that a previous-generation of a current model is better suited to your needs. You may simply prefer the styling of an older car.

Whatever your preference we have something to suit every used car buyer!

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