Many people find the concept of upgrading to a brand new car exciting. Maybe it's the shiny bodywork. Maybe it’s the new car smell. Well, we’re here to tell you that it might be time to reconsider and purchase a nearly new car instead. Here's why.  

What is a nearly new car?

A nearly new car usually refers to a vehicle that has been on the road for less than two years. Whilst technically speaking the car has been used, you will be the first owner to spend serious time behind the wheel. Often these vehicles have been used as a demonstration vehicle at a dealership or used as a courtesy car.

What are the benefits of a nearly new car?

Nearly new cars are much cheaper than a brand new car of the same model. Unlike brand new cars which have never been driven off the forecourt, nearly new cars have already experienced a fair percentage of depreciation. Cars depreciate most rapidly in their first year of being on the road. Buying nearly new is far more wallet-friendly than buying new.

Nearly new cars have clocked up low amounts of mileage (usually less than ten thousand miles) so you will be the first person to make extensive use of the vehicle. Cars with high amounts of mileage are far more prone to issues – both small and more extensive.

Nearly new cars are often still under their original warranty which safeguards you from any issues with the car after you’ve bought it. Warranties offer peace of mind for many. Normally, the manufacturer will take off the amount of time it has been used for and offer you the remainder of the warranty.

Nearly new cars are better financial assets as the most rapid part of the depreciation process is over. Effectively meaning that you haven’t ‘lost’ the difference between the cost of a brand-new car and what it is worth after this initial depreciation. Most cars lose around 60% of their value in the first three years.

You can get good car finance options on nearly new cars as the vehicle is practically the same as a brand-new model and therefore present less risk to the lender.

Nearly new cars are well worth some serious consideration if you’re looking for your next vehicle (or perhaps your first) – they present many of the benefits of a brand new car without the large price tag. If you’re almost ready to buy a nearly new car, we would be happy to assist you in finding a car finance deal that works for you.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating


  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed


  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs


  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit


  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past


  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan

X monthly repayments of

Typical rate

Loan amount

Total payable




*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £7,500.00, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!