New cars depreciate quickly in their first few years. After three years, only about 60-70% of the initial value is left , and a new car becomes very quickly a used car. From the buyer’s point of view, this means that used cars will retain their value for longer as the initial slump in worth has been absorbed by the original owners.
A lower price tag is an obvious reason for choosing a used car over a new one, and the retention of value is a good bonus. However, economical car deals are not the only reason. To a great surprise, practicality or even thirst for luxury might act as factors in the choice.
The association between luxury and second hand cars might not be too apparent, but choosing a used car can make it possible to afford all the extra features of our dreams. The lucky buyer could end up with a customised car for no extra cost. And, with a used car, there is no waiting for delivery – just drive off!
Despite all the benefits, buying a used car could also be a gamble. The risk lowers with careful research and inspection, but finding out whether a car is accident-free, whether its meter reads the right mileage, or whether it has been maintained properly can be tricky.
The risk involved will be considerably lower when buying from a used car dealer. Dealers check their cars thoroughly ; they provide a full service history and guarantee a correct mileage. Prices might be somewhat higher than on the private market, but your rights as a consumer will be legally protected. And that is a great return on money spent.
And remember that the best deal is not always the cheapest one. There is usually a reason for a bargain, so buying wisely will pay off. Always go through the process below:
- Do your research. Know what you want when you go to a dealership.
- Check the car. Don’t only believe what you’re being told, but bring the car for inspection to a mechanic you trust. Never sign a contract until car has been inspected.
- Read the papers you sign very carefully.
