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Top tips for buying a used car

Motoring one year ago

The new car number plates have just been released, meaning thousands of new models in car showrooms, pushing the older stock to the back of the shop and the salesmen’s minds. But you should remind them of that older stock, and here’s why…

Minimise the impact of depreciation

The shiny new cars look great, but the ‘rumour’ that cars lose 20% of their value as soon as you drive them away from the dealership, is unfortunately accurate. Depending on the make and model you buy, a new car taken on finance could mean that you’re immediately in negative equity as soon as you drive away in it.

An issue that is generally alleviated when you buy a pre-registered or used car. To help you get a clear picture of just how bad the damage can be, the WhatCar depreciation calculator gives you a very quick visual representation over 4 years.

The power is in your hands

With a new car, the dealer holds all the power. With an older car, the power is in your hands, as the dealer wants to make room for the newer, more valuable cars with a higher profit margin. Meaning he’s likely to be willing to do you a deal.

Hitachi Top Tip: Make sure you have the cash in the bank ready to buy as this puts you in a great position when it comes to haggling. Take a look at a low cost car loan from Hitachi Personal Finance for a quick and easy solution to getting the money in your pocket.

It could be the best of both worlds

One of the main reasons people tend to lean towards new cars is that they’re often covered by warranty policies, offering the buyer peace of mind. However, depending on the make and model you’re looking to buy, a pre-registered or used car is not necessarily out of warranty.

You’ll have to do your homework, but manufacturers such as Kia, Hyundi and Toyota have been known to offer warranties of up to 7 years, regardless of how many previous owners it’s had or miles it’s driven.

For a low cost solution to buying your dream car, visit Hitachi Personal Finance today for a quick Car Loan quote.

 

 

Hitachi Hints and Tips is intended to be informative and interesting. It does not constitute financial advice, and you should always do further research when making any financial decisions. All information was correct at date of publication.

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