When it comes to buying a car these days, the choice boils down to getting a new or used example. We all know that both options have their pros and cons and that each choice suits different types of people.
One interesting fact these days is how many people that want a new car get tempted by models that are two years old. It’s an odd age in some cases, as you’d think buyers of almost-new cars go for ones less than 12 months old.
Are you going to buy a car soon? If so, you might be wondering if it’s worth getting one that’s two years old instead of a brand new model. Today, I will play devil’s advocate and explain why it makes sense to get a car that’s 24 months old.
Huge cost savings
One of the downsides to getting a brand new car is depreciation. If you do a little research, you’ll soon learn how much value a new model loses in the first two years. As you can imagine, that’s bad news if you buy a new car rather than lease it.
Even compared against the cost of leasing, buying a two-year-old car offers good savings.
Cheaper insurance
The sales manager at Hilton Garage once told me an interesting fact about car buyers. He said that few people realise car insurance is cheaper on used cars! When insurers calculate premiums, they take into account the age of the vehicle. In general, the older the car, the cheaper the insurance.
Of course, other factors like your age and driving experience will affect your premium. But, let’s assume that you’re at least 25 years old and have a few years driving experience. A two-year-old car will often cost less to insure because it’s not so desirable to car thieves.
Why is that, you might be wondering? Well, many organised crime gangs steal new cars to order. They usually get shipped abroad and sold on the black market rather than staying in the UK. If an insurer had to replace a brand new car, it would cost them more money.
You can still have some of the manufacturer’s warranty
Car makers are so confident you’ll love their cars that they offer long warranties. It’s not unusual to see brand new cars offered with a five, seven or even ten-year warranty!
Let’s say that the car you want only had a year’s manufacturer warranty left on it. You will also have the dealer’s warranty available too. And you will usually have the option to buy an extended warranty for added peace of mind.
You don’t have to drive an old banger
Last, but not least, a two-year-old car is just as reliable as a brand new one. Even if it’s done twice the average mileage! Believe it or not, many problems with used cars tend to be parts that get worn because of their age.
It’s no secret that car makers use a lot of rubber components when they build cars. As anyone knows, rubber will break down after a few years. That’s why tyre manufacturers recommend replacing tyres after seven years of use.