Every year in the UK sales of new cars continue to plummet, but why is that? From increasing pressure by the government on newly produced diesel cars to a cheaper price, there are many reasons why the UK’s drivers are no longer choosing to buy a brand new car.
Financially not buying a new car is a lot more beneficial, as when buying new, the car will depreciate in price drastically with it losing an estimated 20% as soon as it leaves the showroom, with a minute percentage only being worth around 50% its purchase price in 2-3 years of use. Used cars are far cheaper to buy, and with manufacturers now more regularly giving 5 year warranties to cars. Now is the best time to buy.
Furthermore many people are staying away from newly made diesel vehicles as politicians are putting increasing pressure on manufactures to stop production of diesel cars due to the effects it has on the environment. This in turn has lead to a decline in sales to newly manufactured diesel cars which gets people to look elsewhere for a car, often ending up at a local used car dealership.
When buying a used car you can afford more advanced, expensive models compared to if they were new. You can afford to go up and level and buy the model you never would be able to if it were new, fresh out the showroom. As I previously mentioned you will also not having to worry about depreciation, with a used car it will depreciation a lot slower and hold it value drastically compared to a new car.
With a lot of money left over, compared to buying a car new, why not treat yourself with that money saved? Possibly put that money towards a holiday, and treat the family. If you are looking for a cheaper way to buy a vehicle, or even looking for an advanced model for the same price that has done some mileage, a used car is the way to go. A cheaper alternative, which many more people are starting to lean towards.