If you’re a young driver looking to buy your first car, chances are you’ve already concluded that buying brand new is a bad idea. There will, of course, be companies waving promotions at you left, right and centre, but whatever deal you take, that car is going to depreciate tremendously in value the moment it leaves the forecourt.
If you have yet to be convinced, however, below we’ve put together the six most compelling reason why buying used cars is the only sensible choice for young drivers.
Significant Cost Savings
One of the most compelling and obvious reasons to buy a used car is, of course, the significant cost savings. Used cars typically have a much lower price tag compared to new ones. On average, a used car can cost around 50% less than its new counterpart, which means you can pay off the vehicle faster and potentially upgrade to a newer model sooner. This makes used cars an attractive option for young drivers on limited budgets or those that simply want to make their money go further.
Lower Depreciation
New cars depreciate rapidly. Indeed, it could be argued that there are no assets that depreciate as fast, save perhaps for electronics, with most cars losing 40% of their value within the first year of operation! In contrast, used cars have already undergone the bulk of their depreciation. This means they retain their value better over time, allowing young drivers to avoid the steep depreciation curve and get more value for their money.
Reduced Insurance Costs
Insurance costs are generally lower for used cars compared to new ones. Since insurance premiums are based on the car’s value, and used cars have a lower market value, they are cheaper to insure. This can result in substantial savings on monthly insurance premiums, making used cars more affordable to maintain for young drivers.
Lower Registration Fee
In the UK, registration fees for used cars are often lower than those for new cars. These fees are typically based on the vehicle’s value, so a lower cost used car will incur lower registration costs. This can be an important consideration for budget-conscious young drivers looking to save on ongoing expenses.
Detailed Vehicle History
When buying a used car, you can access detailed vehicle history reports. These reports provide information about the car’s past, including any accidents, repairs, and previous ownership. This transparency helps young drivers make informed decisions and ensures they are purchasing a reliable vehicle.
Eco-Friendliness
Finally, something that many young people increasingly care about is their impact on the environment and buying a used car is comfortably the more environmentally friendly choice for young drivers. Manufacturing new cars requires significant resources and energy, contributing to environmental degradation. By opting for a used car, young drivers can help reduce the demand for new car production and minimize their carbon footprint, promoting a more sustainable mode of transportation.
