Lately the sales of new cars have started to lag, while the sales of used cars are booming. This year, for the first time in six years, first quarter car sales fell below three million units in the USA, and this trend has been echoed across the world. These days, the used car market is actually bigger than the new car market. Although this has car manufacturers a little concerned, in many ways it’s great for the consumer. Here is why the used car market is booming at the moment…
Used Cars Are More Inexpensive
If you want to be thrifty and save some money, a used car is absolutely the way to go. Brand new cars depreciate hugely in value, so if you want to sell a brand new car after a few years, you will be getting considerably less than what you paid for it. However, the value of used cars drops less, meaning that when the time for resale comes, you will be missing out on significantly less cash. Used cars are obviously more inexpensive at the point of sale than new cars are. This means that you may be able to pay in cash, which means you won’t have to deal with payment plans and steep rates of interest. Finally, when it comes to paying insurance, used cars are a whole lot cheaper as they’re much cheaper to replace and repair. This makes them particularly popular with younger drivers, who have to pay high rates of insurance that can put them off buying a car at all.
Used Car Dealerships Are Reliable
We have all heard the stories about oily used car sales people who sell you vehicles that aren’t great quality, but these days that stereotype is rightfully starting to die as more and more people purchase used cars and used car dealerships get better and better reputations. They are a fantastic way to save money, and as there are more used cars in circulation now, you will probably be able to find exactly what you’re looking for instead of having to settle on something that you don’t really care for. Dealerships like https://www.stephenjamespremium.co.uk/locations/london will provide a wide range of cars that have all been checked thoroughly and rigorously tested, so you won’t need to worry about the previous upkeep of the car.
New Cars Are Getting More Expensive
Finally, new cars are getting more and more expensive as time goes on. You may want a brand new vehicle with all the bells and whistles, but a lot of the time you will be paying a huge amount of money for them and you need to decide whether it’s actually worth it or not. People keep their cars for less time these days before selling them on, so if you go for a used car, it won’t be as out of date as you may fear.
Buying a used car doesn’t have to be a fraught experience: it’s getting more and more popular and there are a lot of great reasons for doing so.