Are you planning to buy a used car in the UK? But uncertain if it would be worth it. Of course, purchasing a used car does not require you to pay a humongous amount of money that you would rather pay for a brand-new automobile. However, you are never sure if it would be in the best of conditions. Moreover, there are financial risks associated with buying used cars. Therefore, before we enlighten you on how you can purchase a second-hand automobile, it is important for you to know the pros and cons of buying one.
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Speaking of buying used cars, there has been a rising trend observed in the UK. Approximately, 7 million cars are annually sold in the UK. Because brand-new car buyers have to pay a 20% depreciation, a growing number of people are inclined towards buying a used car instead. Last year’s statistics reveal that about 6 million used cars were purchased by people in less than a year.
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Before further ado, let us explore the advantages and disadvantages of buying a used car.
Benefits of Buying a Used Car.
Budget-Friendly
For buying a used car, you are not required to pay as much for both the depreciation and insurance. This way, purchasing a second-hand auto allows you to get a better vehicle for an affordable price.
Low Depreciation
The value of brand-new cars falls by about 60% after three years of its purchase. This is a mind-boggling loss without a doubt. Thus, if you are considering buying a used car, you would automatically be avoiding this loss.
Variety of Models
There is an infamous misconception that used cars might not be available in a variety of models. However, this is not true. Used cars come in a wide variety of variants. You can choose a model, year, and make of the car of your choice. Interestingly, if you are particularly interested in buying a vintage model, you can easily find one in the form of a used car.
Online Reviews and Feedback
When you are considering buying a second-hand car, the information available on the internet and social media platforms comes in handy. You can access numerous online reviews and feedback via YouTube, Facebook, and other car forums. This will allow you to figure out which vehicle meets your needs.
Drawbacks of Buying a Used Car.
Little or No Warranty
Only a handful of dealerships offer limited warranties on used cars, especially if they are certified vehicles. Therefore, if you are looking to buy one, always bear in mind that only minor guarantees might be offered.
Low Reliability
As much as a used car falls within your budget, it does not generally meet the reliability criterion. As compared to brand-new models, used cars are far less reliable. There is a good chance that the engine might fail or deteriorate sooner than the expected time. Thus, there is a high degree of risk involved.
High Maintenance Cost
Once the warranty period expires, you will have to incur repair and maintenance costs on your used car. As the car ages, finding its parts and service stations gets harder. As a result, you might need to bear additional costs of hiring help and importing customised parts.
These are some of the most common issues faced by the majority of people owning used cars. However, if you have already carried out your cost and benefit analysis of buying a used car and decided on purchasing one, let us walk you through the car-purchase steps.
Steps to Buying a Used Car in the UK.
- Identify your budget.
- Look up different private sellers, dealers, and car dealership platforms based in the UK and check if they are offering used cars you wish to buy.
- Check if the price they are offering for your desired vehicle falls within your budget.
- If so, contact the dealerships.
- Before you make a deal, it is important to realise that a used car may not be reliable and comes with shortcomings. Therefore, get your priorities straight above all. Choose a feature you are actually looking for in a vehicle.
- Find out about the history of the car you wish to purchase.
- Request a test-drive.
- Have the car thoroughly inspected. This will allow you to spot potential issues and determine if the engine is reliable enough to be purchased. Also, ensure that the vehicle does meet the specifications mentioned by the dealer.
- Request the car registration and other important documents.
- Strike a reasonable bargain.
- Make the purchase.
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