4 Reasons Why Used Cars Can Be Good Value!

Jek Ray Low
6 Dec 2019
 

You’re after a set of wheels. Unfortunately, you have come to realise that the models that you want, in the specification that you’d like it in, costs more than what you can comfortably afford. New cars are expensive, and rather than settle for less, if you are open to the concept of taking a gander at a used car marketplace, chances are you’d be able to find a vehicle with a spec you’re comfortable with, at a palatable price. It may not be exactly the way you want it to be, but at a good-enough price, some compromises are to be expected, which is why we think used cars can actually be of excellent value!

1) Used Cars Depreciate Less

 

Studies have shown that new cars lose up to 10% of their value within the first 30 days of ownership, and up to an additional 10% in the first year. This means that in the first 12 months of ownership alone, a car will lose 20% of its value, with further losses of 10% each year up to the 4-year mark,  Purchasing used cars that do not fall into this category means you not only fork out less, but also lose less as you would have missed the worst of the depreciation. Also, unlike COE-renewed cars, these vehicles are still fairly young, which should mean increased reliability.

For minimal depreciation, do consider purchasing a car that already has a revalidated COE. COE cars have more value in their paperwork than they do in metal, so you’re only losing value through the COE that you are utilising. Be warned though, consider buying these cars from reputable sources, or if possible, get an independent mechanic to verify your potential new-to-you car, as any costly repairs can negate any savings that you’re trying to achieve by buying used!

2) Better Aftermarket Support (If You Know Where To Look)

The used car that you’ve set your eyes on is probably out of warranty. That shouldn’t be a huge deterrent though, as there are pros to buying used, especially from a parts availability standpoint. Time has allowed the aftermarket to develop their replacement bits for the car, and 3rd party vendors would have had the time to familiarise themselves with fitting these components to other examples.

If aftermarket isn't a thought you're willing to entertain, and you’d like to go down the OEM route instead, high-quality used components can readily be found too. Reputable car breakers regularly salvage high-quality OEM components from cars that have prematurely met their maker, and it is not uncommon to bag bits been pulled off low-mileage, well cared-for examples, often at a steep discount compared to dealership prices. Replacement part saturation, coupled with a mechanic's familiarity of your car’s platform should result in maintainance costs being driven down!

3) You Get More, For Less

If your budget doesn't allow for the poshest, flashiest ride that you're lusting for, chances are that you'll have to make do with a new lower-spec commuter car. That isn’t necessarily a bad thing in itself, as newer cars are quite healthily kitted-out these days, Besides, who can resist the lure of the all-enticing new car smell?

However, that very same budget but in the world of used cars can bag you a ride with more than just an injection of pizzazz. It's scarcely believable that a brand new Toyota Vios will cost you the same as a fully-loaded, tastefully-updated Lexus IS from 10 years ago but with a freshly revalidated COE. Wood and genuine leather, used it may be, definitely seems to be an appealing upgrade from the cloth seats and hard plastics of a lower-priced vehicle doesn't it?

4) Minor Damage, Minor Stress

If you paid a pretty penny for a shiny, brand-spanking new car, you’d do everything in your power to keep it looking that way. You may choose to park a little further away from your destination, and completing the last bit of your journey on foot, just so that your car can be parked away from others to minimise the risk of a door ding, or worse, a careless driver putting a scratch down the side of your beloved ride.

Sure, damage, especially when you are not at fault, is frustrating and unpleasant regardless of the age of your car. As it's unlikely the used car you've bought would be cosmentically blemish-free, it only seems logical that you're less likely to fret over minor damage and/or wear-and-tear from daily usage as compared to a car fresh off the lot! It may even give you an excuse to send your car for a fresh lick of paint!

So Why not give it a go? You might just find a value buy with Carousell!


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