Should You Really Consider A Secondhand Vehicle?
When the time comes to buy a vehicle, whether for personal use or work purposes, there is a lot to consider. One of the main options is whether to buy a used vehicle or a brand new one. In this post, we will take a look at the benefits associated with a used car.
Snap up a better vehicle
The main advantage is the fact that you will experience a much better price if you go for a used vehicle. New cars don’t come cheap, yet secondhand doesn’t mean that the vehicle is damaged or has been subject to lots of wear and tear. In fact, in a lot of cases, you won’t even notice a difference.
A lot of people think the interest rates bridge the gap in terms of price difference, as when you compare the interest rates on new and used cars, the latter will be slightly higher. However, the difference is usually only one per cent, or even less, and so it still works out much cheaper to go for a used vehicle.
The cheaper prices mean that you can purchase a better vehicle than you would be able to afford if you were buying it new. It also means that you have money spare to purchase on plush extras like leather seat covers or engine and performance enhancing parts.
This leads perfectly onto the next point – you have more vehicles to choose from when opting for a secondhand car. Not only do you have a wide variety of makes available, ranging from used Peugeot to SKODA cars, but you will be able to get your hands on an older model that you are not going to find in new condition. This is especially great for those who are seeking a vintage vehicle.
There are also depreciation benefits to take into consideration, as new vehicles will lose a huge portion of their value from the moment they have been driven in. Within the first year, your new car could lose as much as 40 per cent of its value. You will never be able to make your money back, and when a car depreciates so quickly, this increases the requirement for GAP coverage. This is an optional insurance plan that is designed to cover the difference between the actual value of your vehicle and the amount of your loan, and it is another added expense for you to think about if you go for a new car.
It is not difficult to see why a used vehicle is an option that is well worth considering. While this may not be the right choice for everyone, you should not be so quick to dismiss it. The used car market often has a lot of gems that are just waiting to be found. However, you do need to be mindful of unscrupulous sellers too.