Some people assume that the UK’s used car market plays second fiddle to the new car market, but it’s certainly far from insignificant. In fact, eight million used cars are sold each year in Britain, making the used car market a serious force to be reckoned with. That means that when you’re looking for a new car, buying brand new is far from your only option. Increasingly, used options like seized motors, salvage cars and auction vehicles are becoming more viable than ever, especially if you’re a new driver. This week, we’re covering the biggest reasons why you might want to consider buying a used car over buying new.
1. Reduced costs and increased savings
We’ll start with the most obvious one - the biggest reason why so many people consider buying used cars in the first place. Although it’s not necessarily a universal rule, the price of used car can generally be expected to be less expensive than a brand new model. The thing to remember is that although they may be technically less valuable than those that come fresh off the production line, that doesn’t necessarily mean they’re less useful or functional. Buying privately is often a surefire way to get better prices than buying at a showroom, and buying a car in an online vehicle auction is often an even cheaper option. And there’s an advantage to making these savings, too…
2. It gives you financial freedom to spend your money on other things
By spending less of your hard-earned cash on your car at the outset, it gives you a bit more tangible capital to utilise. This means that you can use this money to get yourself one or two extras for your car that you might have had your eye on, such as dashcams or steering locks, or other safety and security devices. It makes up for one of the key shortfalls of buying a used car, the reduced ability to customise it.
3. You’ve got much more choice
As we touched on above, there are millions of used cars that are sold every single year, which means that the range of choice available is far more than it is if you’re looking to buy a brand new car. If you’re not worried about the prestige of a new model and you’re happy to do a bit of the research and put in the effort that buying a used car often requires, then you may find that buying an older model that’s no longer in production makes more sense for you, either because it’s better suited to your needs or even more in line with your tastes.
4. They’ve already proven their worth and reliability
The car industry is evolving all the time, with newer models often home to cutting-edge or experimental technology put there by manufacturers. The trouble is, though, that some of these additions have flaws that aren’t immediately obvious, which can cause problems later on. These can range from tangible aspects like software flaws, all the way up to more overarching issues like privacy concerns (as just two examples), and a car’s electrics can ultimately cause all sorts of further problems down the line. We’re not saying these are the majority of cars by any means, but sometimes the flaws in the technology can take months to become apparent, or even years to become widely known. Used cars are often pared-back in this technology, freeing them from the teething problems that can sometimes plague newer cars.
5. You don’t have to worry about depreciation
One of the key advantages to buying used is that you get to sidestep the issue of depreciation, which can be a major cloud hanging over the purchases of newer cars. In fact, about 20% of a new car’s value is wiped out the moment it leaves the showroom. Once three years have passed, not many new cars still retain half their purchase price, and many can lose up to 66% of their value, which can prove a major pain if you’ve invested a lot and plan to sell it on later. Used cars have already got this depreciation behind them by the time they come to you, which means that you’re more likely to recoup more money if you ever come to sell them again.
And if you’re on the lookout for a used car, there’s no better place to find one than right here at RAW2K. We’ve got a huge range of choice available in our online car auctions, with models from leading manufacturers like Peugeot, Renault and Audi. Plus, we know that doing your research is an integral part of the process when you’re buying a used car (as, indeed, we often say ourselves!) so we’ve also made all the information on our listings as quick and easy to understand as possible. Why not take a look around, and see what you can find?