How can choosing a used car preserve my investment?

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If you’re on the lookout for a new motor, there are plenty of details you need to consider before you complete your purchase. While make and model are obvious ones, whether you go brand-new or second-hand is arguably a more important decision.

A new car may seem appealing on paper with new technology, body kits, and driving performance being attractive to many drivers. However, there’s a reason the used car market size is projected to reach over 163 billion U.S. dollars in 2024. Used cars are a great way to preserve your investment while picking up a terrific motor for running errands or commuting to work.

Want to know what these benefits are? Our guide will take a look at the reasons why choosing a used car is better for your finances both now and in the future. Read on to find out more before you go car hunting.

Cost savings when you buy

The first reason used cars should always be considered is because they tend to be significantly cheaper than a brand-new alternative. This is due to higher mileage, slightly outdated technology, and an older number plate. However, you’ll still be getting a great car that can rival new ones on the roads.

Now is a great time to pick one up too with prices dropping for many used cars at the end of 2023. These prices have remained low in 2024 too.

Depreciation avoidance

New cars are known to depreciate heavily the moment you drive them away from the dealership, so avoiding them is wise if you don’t want to lose too much money. Used cars, on the other hand, will still depreciate but at a much slower rate. Your losses will therefore be smaller, which we’re sure you’ll be happy to hear.

Lower insurance costs

Insurance premiums have risen in recent times too and that’s especially true for newer models. Choosing a used car gives you a better chance of finding an insurance premium you can afford, so you can get cover that works for you, without breaking the bank.

A range of model options to choose from

Buying a used car also gives you a much wider range of options within your price range. Options like used BMW 3 Series are more affordable when they’re used compared to their brand-new price tags. Plus, lower-end cars will be extremely cheap, so you won’t need to worry about forking out your life savings for a little runaround motor.

Some of the most popular used cars you’ll find on UK roads include:

  • Ford Fiesta
  • Vauxhall Corsa
  • Ford Focus
  • Volkswagen Golf
  • Vauxhall Astra

Whatever used car you opt for, make sure you thoroughly check its interior and exterior for damage, ensure it has a full service history, and make sure it’s available for a price within your budget. If all these things look good, you’ve found yourself a great second-hand car.

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