Because of the current economic climate in the UK second hand cars are a more viable option
Although some say we are seeing the first green shoots of recovery, the UK economy is far from buoyant. We may not be technically in a recession, but for many people money is still very tight. In times such as these, finding cash for all but life’s necessities is difficult. One area that you can’t afford to cut back on is transport, as it’s essential for getting to work and getting the kids to school.
Some drivers may be wasting a lot of money running older, less-efficient cars. Others may simply need to replace a car that is beyond repair. Whatever the reason, it may prove cost-effective to look at quality used cars. Thankfully, there are plenty to choose from and with a little know-how you can save even more money.
Adding It Up
It’s really important that you run through your figures before you start. Older cars tend to be less fuel-efficient and they cost more to tax and to insure. So in addition to the savings to be made on buying used, if you choose a car which is more fuel-efficient and cheaper to tax you can offset the cost of the new car in savings from your old vehicle. To do this you need to know how much your existing car is costing you. The average fuel efficiency for a 10-year-old vehicle with a 1.8 petrol engine is 35mpg. In addition, its road tax and insurance can be very high. In comparison, a three-year-old one-litre city car can return over 60mpg and cost much less to tax and insure. When you look at the savings, it could really pay off to replace your car with a smaller, more economical used car.
Reducing Your Bills
Although the cost of living has risen steadily over the last few years, many people have found that their income has not kept up. This means that most things now cost more in relative terms than they did a few years ago. Nowhere is this more apparent than in the cost of car servicing, repair and MOT. Parts cost more and labour costs have risen, which has driven up garage costs. Older cars are much more likely to break down and need repair than new cars. Conversely, newer cars need much less repair and could even come with generous warranty periods. Replacing your car with a newer model could save you a lot in garage bills.
You may wonder if a brand new car is a better option. However, because of the current economic climate in the UK second hand cars are a more viable option. Unless you are buying a very expensive premium car, the car will depreciate rapidly over the first few years. Buying a used car means that you skip the steepest depreciation period and will own the car through the more stable years – yet still get reliable and economical motoring.
If you’re struggling to keep an old car on the road, or simply need to save a little money on your motoring, buying a quality used car can be a much cheaper and more efficient option. In the long run, finding a good-quality second-hand vehicle could save you a lot of money.
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