Buying a car is one of the biggest expenses we make in our lives outside of owning a home. So, it’s important to figure out whether buying a used car will be the most cost effective option for you, and if it’s the right investment to make for the longer term. 
 

You experience less of a hit when it comes to depreciation

When buying a used car, you’re avoiding the biggest impact of depreciation (loss of the car’s value) as the previous owner/s will have taken the hit.

A brand new car experiences its biggest loss of value within the first year; losing approximately 10% as soon as it’s been bought and driven away from the dealership, and then an added average of 10-15% within the first year.

By the third year of ownership, a new car will have lost up to 60% of its original value, meaning buying a used car that’s 3+ years old, will end up being much better value for money.

This does depend on the make and model though, as some cars do hold their value better than others. Using a tool like CarEdge, you can work out a vehicle’s depreciation based on the make and model to better understand whether it holds its value and it’s worth investing in.

Issues will already be made obvious 

Over time, cars have their issues. However, when buying brand new, these issues aren’t immediately obvious to you as a buyer. Yes, you expect a car to be in top condition when you buy it brand new, but this isn’t necessarily always the case for new models that have upgraded technology, features and engineering.

When you buy from a reputable dealership, such as LMC, you have peace of mind that whichever used car you’re interested in buying has already undergone all the relevant checks. You’ll get access to car maintenance and service records, MOT history, HPI checks and more, so you can study the history of the vehicle, what common problems it’s had in the past and whether it’s been taken care of. 

Lots of life left 

Cars are made to last, so even when buying used, the car you buy will still have a ton of life left. So long as it’s been looked after, cared for, and repairs have been made when needed, the car should still run for miles.

You get a good car for a more affordable price

As mentioned before, when buying a used car, it will have already experienced its biggest drop in value when it was bought new. As a result, with the majority of makes and models, you can expect to be paying a much more affordable price. 

Looking for a new used car in London?

At LMC we have over 250 used vehicles to choose from all available with free nationwide delivery. Each car undergoes a 75 point check to ensure they are safe and in good condition before being put on our forecourt and we also offer extended warranties and a 3 year service plan for extra security.

Explore our range of used cars today which includes everything from SUV’s, to sports cars, executive cars, 4×4’s, family cars and first time driver cars.