As time goes on and car manufacturers continue to produce more stable and reliable vehicles, the question arises that is there any benefit in buying a new car when a used car has many benefits?
I can think of many occasions when friends and family have chosen to part exchange in their existing vehicle for a new one every year or two, but nowadays it seems as though you are no better off buying a new vehicle than you are by purchasing a used one, and I’ll try and explain why.
Anyone who has ever bought a new vehicle and has come to the point of selling it some years later, has probably been in the situation where they’ll ask “Is that all it’s worth, I paid X amount for it only two years ago”. This is because the value of a new vehicle falls dramatically as soon as it is driven out of the showroom.
Furthermore, if value is important to you, finding a bargain of a used car can be very satisfying, and also financially rewarding. There is sometimes the conception that buying a used vehicle can be risky and that it will end up with one problem or another, although, the skills of engineers over the past years has shown to produce cars that are more reliable and more maintenance-free than ever before.
Even though this is possibly the case, the importance of performing vehicle checks on used vehicles is high, as it can highlight any hidden past that a vehicle may have and also show any potential problems.
The potential for loss on a vehicle is also much less on a car that has had several previous owners in comparison to a vehicle that has had just one owner. As mentioned earlier, a large chunk of the vehicle value is lost once it has left the dealership, and continues to decrease steeply over the first few years. However there usually gets to a point when the vehicle levels out and doesn’t lose as high a percentage of its’ value year on year. This is where the money loss from buying the vehicle to when it is sold can be a lot less when choosing a used car.
However, this isn’t to say that brand new cars are not worth looking at should you wish to. You can have the peace of mind that you are buying a new car with no problems and rest assured that it is a vehicle without a hidden past, and it also may be important to you to drive a new vehicle. You can also of course purchase any upgrades available for your car and virtually have the car made to your specification, within reason.
In summary, due mainly to manufacturers and engineers, the durability and reliability of previously owned vehicles means that they are no less a value than a new car. As the price of new cars climbs, the popularity of used vehicles looks to continue to soar higher than ever. There are benefits to buying both types of vehicles, either new or used, but one thing for certain is that previously owned vehicles are more reliable than ever.