July 22, 2015 at 2:11 PM

Thinking of a new car? Before you dismiss second-hand cars read our article where we are going to bust some myths about buying used cars. 

Myth No. 1: All used cars are very old

You could not be further from the truth; in the UK the average used car is 6 years old. Also used cars coming from car fleets are usually younger than private ones; between 4 and 5 years and they’re usually very well maintained.

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Myth No. 2: Used cars are unreliable

The reliability of a car does not depend of the age of the car; we often see cars from the 1930’s still on the road. The unreliability comes from the engineering and the quality of the materials used when building the car. 

Most of the first versions of cars have massive issues that are corrected on the following editions (unless they are constructed around a pre-existing system).

 Also, the quality of the materials is in question when the reliability of a car is in doubt. Some subcontractors in the automotive industry save on the quality of materials used to cut on the costs of production, which then jeopardizes the overall quality of the vehicle.

 

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Myth No. 3: Buying a used car is not always more costly than a new one

 

When you buy a new car you usually have the same costs, the only cost you will avoid is the MOT (but only during the first 3 years) so you are only saving about £165, but, you’ll still have to pay for the maintenance, road tax, insurance and petrol. Of course, if you have an old car you may have to change some parts such as the timing belt, the brake pads, the air and fuel filters but every car needs those.

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Myth No.4: A new car is a smarter investment

Wrong! Firstly you’ll pay more for a car when buying it and its depreciation will be much quicker; 15-35% per year, for a car 5+ years the depreciation is about 3-5% per year. In the end if you compare these costs it means that a car bought for £20,000 will be worth £13,000 by the end of the first year and will continue to see its price dropping with a two-digit-figure rate for the first 4 years (on average). So, if you decide to finance it over 36 months by the time you’re done paying your car will only be worth half of what you paid for, if you are lucky!

 

Myth No. 5: Old cars repairs are untraceable

Wrong, every vehicle has its own unique VIN (Vehicle Identification Number) to which all repairs, modifications, alterations and servicing are linked. The dealer can check it, if you have a doubt you can ask it to be checked on websites like this one.

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We hope we have convinced you that a used car can actually be the best choice especially if it comes from Used Cars of Bristol.

If you need some more information about buying used vans Sainsbury's bank has created an interesting guide available at this address: 

http://www.sainsburysbank.co.uk/money-matters/buying-a-used-car.shtml

 



Tags: Myths Debunked Used Car Money Blog
Category: The "Expert Advice"