Whether you need a vehicle for work or to get your family around, there are any number of reasons why owning a car can be essential. But it can also be expensive – which is why buying a used car has its benefits. Read on to find out more.
Advantages of buying a used car
Cost savings
Used cars are less expensive than brand-new, state-of-the-art models.
By opting for a ‘new for you’ vehicle, you can end up saving yourself thousands of pounds. What’s more, by saving on the initial outlay, you may even be able to afford a better model. You can therefore benefit from improved technology and features without shelling out serious cash.
If you’re a first-time driver, a used car also offers a more wallet-friendly way to get on the road.
Plus, with a used car, you don’t have to worry about depreciation – it will retain its value more effectively during your ownership.
Finance flexibility
There are plenty of used car finance options for ‘new to you’ vehicles.
Used car loans are a great option for those who want low monthly repayments and have an excellent credit score. Plus, you’ll benefit from lower interest rates compared to new car loans.
Alternatively, used PCP and HP are both flexible, affordable used car finance agreements.
Proven reliability
It’s a myth that used cars are less reliable than brand-new vehicles.
In fact, a nearly new or used vehicle is more likely to have a proven track record of reliability and durability.
You can always research the reliability of a make and model online – look for ratings, user reviews and maintenance history. By choosing a car that’s known for its reliability, you’re more likely to experience a dependable drive for the long term.
Lower insurance rates
As a general rule, the older the vehicle, the lower the insurance rates.
There’ll be different factors that impact the insurance rate. That said, you’ll typically save more money on insurance premiums over the lifespan of a used vehicle than a new model.
More variety
The used car marketplace is big, meaning that you have plenty of car brands, makes and models to choose from.
This gives you plenty of opportunity to research and shop around for the exact used car that meets your needs and circumstances. A wider selection improves competitive pricing and increases your likelihood of finding a reliable car with an excellent track record.
Factory warranties
Factory warranties are getting longer and are increasingly easy to transfer from owner to owner.
You may therefore be able to pick up a vehicle that’s only a few years old and still covered under warranty. This can give you peace of mind and take the risk out of choosing a used car over a brand-new vehicle.
Finance your used car with My Car Credit
If you want to unlock the advantages of buying a used car, My Car Credit can help. We help drivers find used car finance by comparing deals from a large network of trusted lenders. Secure an agreement that works for you by trying our online finance calculator.
Rates from 9.9% APR. Representative APR 11.9%
Evolution Funding Ltd T/A My Car Credit
Require more help?
Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!