Second hand vehicles are ideal for many drivers. Whether you are a young driver who has just acquired their pink licence, or whether you have just retired and need a basic car for short journeys, there are a lot of reasons why you would want to invest in a used car. One of the most popular reasons is, of course, a financial one: they are much cheaper than buying a new vehicle. The financial strain is much lighter buying a pre-owned vehicle as opposed to one that has never been used before. Customers can reduce this financial strain further, moreover, by purchasing their second-hand vehicle on car finance.
The Financial And Leasing Association revealed that drivers in the United Kingdom are continuing to see the advantages of buying a used car on finance. In 2017, there was a 6 per cent growth in this market with 1.36 million second hand vehicles purchased via car finance. This rise happened in conjunction with a drop in the sale of new cars on finance. There was a 7 per cent drop in this sector with just short of 1 million transactions. It suggests that more people are recognising the cost-effectiveness of buying a car that has been pre-owned over one that is brand new.
It goes without saying, furthermore, that car finance continues to be the most popular solution for drivers looking to purchase their new vehicle. There may have once been a time when one-off transactions were the norm, but that time is quickly disappearing. The Financial And Leasing Association compared figures from December 2016 with figures from December 2017. There was a 9 per cent drop in the value of these sales and a 15 per cent decline in volume.
Whether it is more beneficial to buy a used car or a new car is entirely subjective most people will decide based on initial deposit requirement. Some drivers will discover many advantages in buying a second hand vehicle, while others will be more suited to one that has not been owned previously. Insurance and mileage, for instance, are just two issues worth considering. However, one thing is entirely certain: buying your new vehicle with a car finance deal is the most popular way to go about it.