Why buy a used car over a new car?

It's a good question. A used car doesn't have the shiny and new feel that a new car does, new cars have longer guarantee's & warranty's - and they also tend to minimise costs of reparations and servicing. You will also not have to worry about the history of the car and whether the car has had previous problems or issues.  Here are some concerns that people tend to have regarding used cars:

"it won’t give you the experience of being the first owner"

"it doesn’t have the latest gadgets and features"

"maintenance, accident and ownership history of used car can’t be easily verified"

"maintenance costs associated with a used car are generally higher than a new car" 

However, buying a new car does also have its disadvantages.

The main point to argue is depreciation value. After 1-3 years your new car will lose between £1,000 - £5,000 (maybe even higher depending on the model), it is pretty much a given as soon as you drive out of your car dealership in your shiny, new car that it has already decreased significantly in price and will keep decreasing in value the longer you own the vehicle. The price decreases the most between 1-3 years of ownership and the amount is usually between 30%-40%. Keep in mind that a car should never be an investment and that a new car is never an 'excellent' deal, considering the depreciation value.

The benefits of buying a Used Car, (as we see it), are the following reasons:

• Wider selection of vehicles available to choose from
• Improved reliability
• Affordability
• Much cheaper - even if it is the same model as a new car, a Used car will already be much, much cheaper.
• More often than not, it retains the original value when you want to resell it.
• Car insurance is cheaper.
• Lower financing and insuring provides additional savings.
• 2007-model-year vehicles are expected to retain most of their original values - even after 3 years.
• New doesn't always mean reliable, used cars are often tested and reviewed, this might be worth checking out online to see what others think of the model you are interested in.

Buying a Used Car

Before you decide to purchase a Used Car, make sure you know what model it is that you are interested in. Do your research on the model first. We recommend looking at the Manufacturer's website, from here you can learn all about the specifications, consumption, performance and features. Being prepared really does pay off when it comes to buying a Used Car. We then recommend that you check the value of the car, there are tonnes of books and websites online that will give you this kind of information. Do your research first.

Consider the following questions:

• How much can you afford to spend in terms of insurance?
• What is the mileage of the car?
• What is the year of manufacture?
• What model you are after - is it a popular car? would it still be popular when you come to resell it?
• Is the model right for you? (in terms of safety, lifestyle, comfort, convienience etc)
• Is the price right for you?

 Once you have an idea of the price you are willing to pay in your head and the model of the used car you are after you will have to decide where you want to purchase your Used car. Private Seller? Used Car Dealership? Online?

We've had a look at these three options for you in more detail, highlighting the good, the bad and the ugly.

Private Seller

Private sellers are people that advertise their own vehicles, this could be either in a local paper or magazine (e.g. Auto Trader), a website (such as gumtree.com, preloved.com, etc) or it could be someone you know personally. The advantages of selling to a private seller is that the price is more often than not, much cheaper than what you would find from a dealership, but often there is no warranty or no extended motor plan available. However, if you know the person that is selling their vehicle, it is more likely that you are able to trust what they say about their vehicle. This is also a better option if you don't want to deal with the unscrupulous sales technique from car salespersons.

Used Car Dealership

The benefits of purchasing a Used Car from a dealership is that there is a high chance that the car purchased will come with the dealerships own warranty, this could be anything from up to 14 days to a few months. Sometimes the Dealership will also have history and information about the car that will benefit you for insurance purposes such as past repairs, maintenance and history that could affect your insurance rates. Some are also under Certifcation Programs which means that the car or truck for sale has relatively low-mileage with no history of major damages or maintenance.  Buyers should be aware that they will pay more for certified used cars than a regular used car.

  You are able to get the history of the used car yourself if you know the car registration details or identification number. We have found a website here that costs a small amount of money to find out the history of your vehicle, although we're not sure if it is the cheaper option, so do please check around for the best price, we also take no responsibility for the service received as it is a completely separate entity to Mondeo Spares.

Online

The good thing about purchasing your Used car online is that you are often able to do a price comparison to find the cheapest and best deal. There is also normally an option were you are able to find the car you are after by your location, this makes it easier finding the Used Car you wanted to buy in your area. The only thing about buying online is that you can't view the car properly until you arrange a meeting with the seller, pictures only give away so much information. If the car doesn't meet your expectations then you may feel like your time was wasted. Although this is often a risk worth taking should you find your perfect Used Car for your requested price.

Hopefully we have offered you some interesting advice about purchasing a Used Car over a New one. We of course, aren't saying don't buy a new one, but if your on a stringent budget and would like to avoid losing money, we recommend a Used car any day of the week.

Read: Myths of buying a used car