Purchasing a brand new car means taking quite a big financial hit from the outset. This is because new vehicles of all types depreciate greatly when they are first driven. In other words, as soon as a car is first registered with its new owner, it will lose a significant amount of value. Importantly, this is the case whether it is driven or not. Your brand new car could only have a few miles on the clock and be a few weeks older than when you bought it but it will be worth thousands – sometimes tens of thousands, in the case of luxury cars – than you paid for it. Learn What’s Best age to Buy Used Car When Looking For Second-Hand.
This is one of the reasons why so many people opt to spend their money in the used car market instead, of course. That said, doing so won’t mean that the car you buy won’t depreciate – the likelihood is that it will, unless you have secured a collector’s item or a vintage car. As such, you might not think there is much difference in terms of depreciation comparing old and new cars. However, this is a mistake. Simply put, second-hand cars depreciate less quickly than new ones. Indeed, some hardly depreciate in value at all at the moment given the buoyancy in the used car market.
Of course, if you buy a car that is ten years of age or more, then the likelihood is that it will be approaching the end of its working life. Cars that are kept outside and driven regularly do not last forever. At some point, cars of this age become uneconomical to keep servicing and repairing. When this happens, you will either need to find a buyer who only has limited funds available or scrap the vehicle entirely.
Cars that are about five or six years of age, by comparison, should have plenty of miles left in them. However, once a car has got to this sort of age, it will not feel new, something that is most noticeable with their interiors if not from the way they run. Consequently, many people consider cars that are two or three years old to be the best ones to buy. They feel new and, in some cases, still smell new. However, they are much cheaper than their brand new counterparts. If looked after, a car of this age shouldn’t depreciate much if you opt to sell it within three or four years. If you have reached this far then one can assume that you are interested in purchasing one yourself. We recommend checking out KAP Motors. KAP offers used cars in Brighton. You can get your’s today with an easy & efficient financing plan today!
