On average, car owners spend upward of £30,000 on new cars each year, which is a cost most people simply cannot afford. Rather than forcing yourself to lease a new car for years and spend even more on interest, you can choose a used car instead. The average used car prices each year are dramatically lower at £20,000. That new car smell is certainly not worth an additional £10,000, and you deserve to enjoy everything you love about a new car without the extra cost.
Of course, there are a few reasons to buy a new car, such as knowing that there are no kilometres put on it yet. At the same time, it makes far more sense to buy a used option. Slightly used cars are available all year long that have only a year or two of use on their record. This means fewer kilometres and a lower price tag.
One of the biggest benefits associated with buying a new car, especially when you buy a second hand BMW, is the money you save in the process. You will save thousands by purchasing a used car, something that many car owners need to afford one in the first place. In fact, you will spend an average of £13,000 less by choosing a used car over a new one. This is due in large part to the fact that cars depreciate quickly.
For example, when you sign the paperwork for a brand new car, drive it off the lot, take a drive, and then return to the dealership, it is no longer a new car. The moment your car becomes a used car, it is worth up to 25% less than what you paid for it just an hour prior. Over the course of three years, your new car will be worth just 54% of what you paid for it, on average.
Take a moment to remember the ‘70s, when cars rusted into nothing within a decade. Today’s technology has made modern cars capable of lasting decades without falling apart. Cars, trucks, SUVs, and vans simply last longer now, and that reliability means you can enjoy many more years from your used car without having to worry about having to replace it too soon. The auto industry predicts that by 2020, the number of 12-year-old cars still in operation will rise by 15%. Clearly, modern cars are built to last longer than ever, making it possible for you to buy a car several model years older without worrying about a loss in quality.
Thanks to the availability of car history reports, you can shop the clever way by looking for cars that meet your goals. Using a car’s VIN, a company can easily obtain a substantial amount of information on a used car, such as the number of previous owners, its previous registration status, and any accidents it was involved in. By knowing these details ahead of time, you can cut down on your worries and make your decision simpler in the long run.