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 keep 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.
Second hand cars don’t usually induce an association with luxury, but choosing a used car can make all the extra features of our dreams affordable . The lucky buyer could end up with a customised car for no extra cost. And, rather than having to wait for weeks for a new car to be delivered, it becomes possible to drive off with the perfect car at that instant.
Despite all the benefits, buying a used car does have an element of gamble to it. 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.
Buying from a franchised used car dealer will buffer the risk involved. Dealers can be trusted to do a detailedinspection on their cars ; 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. Remember to always keep the following tips in mind:
- Do your research. Have a clear idea of what you are looking for 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.