Brand new, second hand. Are we referring to the 1999 debut album from British hip hop artist Roots Manuva; the song of the same name released by Wailers guitarist Peter Tosh in 1976; or the decision you have to make when buying a car?
Today, we’re here to extol the virtues of the latter. With rising inflation impacting the car market and the need for making climate-conscious driven decisions ever more pressing, it’s never been a better time to consider a second-hand set of wheels.
From more choice at a cheaper price all the way to enhancing your green credentials, here are 5 reasons why buying a second hand car is the better choice in 2023.
Affordability
Obvious, we know, but buying secondhand is cheaper. And whilst we’re sure we don’t need to repeat this oft-quoted fact about car depreciation, we’re going to anyway: cars lose a ton of value as soon as they’re driven out of the lot.
According to the Money Service Advice, the amount is as much as between 15% and 35% in the first year. But if that lot contains second hand cars, the sudden loss of value is far less. In fact, the majority of depreciation occurs in the first 8 to 10 years of a car’s life. After this time, it’s likely that the value will plateau, but in some cases, it might actually rise as the vehicle becomes considered a ‘classic’.
If this is your first time purchasing a car or your budget options are limited when it comes to buying a car in general, then it’s always good to go for a used car. These tend to offer budget friendly cars in comparison to new cars.
Choice
There’s also a lot more variety available in the second hand market.
For discerning shoppers, buying a secondhand car means you may be able to drive a ‘better’ car than your budget may otherwise have allowed. That said, it’s essential that you seek quality assurance from the dealer, as well as a return policy (the longer the better) and a 90-day or extended used car warranty as standard.
Incidentally, check out our advice on some luxury cars that are best the buy second hand if you’re hoping to make an investment. And if you’re not, don’t worry; the choice is still vast, enabling you to get the car of your dreams affordably without having to sacrifice on quality.
Lower Insurance Costs
Generally speaking, it’s not just the price tag on a used car which tends to be cheaper; insuring your second hand car will usually be a less costly process than doing so for a brand new model. This is because, in the event of an accident, it will likely cost your insurance provider more to replace a new car.
That said, it’s important you check that the car still has some form of warranty attached (a given with a new car) if you’re buying from a second hand dealer.
Read: 5 IDEAL tips for getting cheaper car insurance
The Greener Option
Many believe that the answer to running a car that’s good for the environment requires them to buy a shiny new one. However, the carbon footprint of making a new car is complex; there are metals to be extracted, parts to be shipped and assemblage to be done.
Indeed, to get a car showroom ready for sale, every stage requires a massive amount of embodied energy. To put things into perspective, the Guardian pointed out that ”producing a medium-sized new car costing £24,000 may generate more than 17 tonnes of CO2e – almost as much as three years’ worth of gas and electricity in the typical UK home.”
This is especially true for electric cars, as these require more materials to be mined in the first place. Though they are, on the flip side, better for the environment than petrol and diesel cars, buying an electric car does present a bit of a minefield (ahem).
Surprisingly, opting for a used car is a more sustainable choice and means your initial impact on the environment is reduced, even if the vehicle is less fuel efficient as a result of its age. All of this means that you’re not enabling all that pollution to happen by a new car being built.
And speaking of sustainable cars…
Contribute To Your Electric Journey
Shopping for a high-quality second-hand car certainly isn’t easy. There are boxes to be ticked, preferences to pander to and a bank balance to look after. Regardless of everything else, if there is one box that needs to be ticked, it’s the car’s environmentally sustainable credentials.
The phasing out of sales of new petrol and diesel cars is well underway. By 2030, new petrol and diesel cars will be banned from sale. The appetite for plug-in-cars has hit an all time high. As such, there are more used electric cars entering the secondhand market at affordable prices.
That said, pre-owned electric cars are generally more expensive to buy than old petrol or diesel run ones. Price is, of course, a massive consideration when it comes to buying a second hand car. So why not buy a cheaper diesel or petrol run vehicle to see you through, and when it eventually needs replacing, you’ll have had the opportunity to save up for a plug-in-car and do your bit for the country’s journey to net-zero emissions.
Another option is to enroll in a salary sacrifice scheme, if you’re intent on purchasing a brand-new EV. It is the most cost-effective, efficient, and financially accessible way to get behind the wheel of an electric vehicle.
The Bottom Line
With environmental issues demanding more investments are ‘circular’, buying a used vehicle is certainly a sound move. That said, certain checks and assessments are required to ensure the purchase is a prudent, judicious one.
And now you’ve made the decision to go second hand with your next car purchase, may we compliment you on your choice? Here are 5 IDEAL things to consider before buying a second hand car to help you further with your purchase.