Used Cars-The Value Choice
By James Pattison
It was Bruce Springsteen who sang, ‘mister the day the lottery I win, I ain’t ever gonna ride in no used car again.’ I’m sure Bruce can afford loads of expensive new cars parked outside his Mansion but for the rest of us the economic sense of buying used is hard to escape.
Second hand cars are the only kind of cars I’m ever going to drive whether I win the lottery or not.
The main difference between buying a brand new car and a brand new used car apart from that famous new car smell is the amount of money that you will lose the second you drive it out of the dealer.
Some new cars can depreciate 50% in value as soon as you drive them away. The 80’s pop twins ‘Bros’ who had a short lived life in the spotlight lost a spectacular amount of money in their time and when they came to add it all up Matt Goss puts much of that down to buying several very expensive sports cars brand new and only keeping them a couple of months.
As well as the money the emotional strain of driving a brand new car into a multi-story car park for the first time must be massive. Every scratch and dink would become a huge dent in your mind.
Leaving a brand new car parked by the side of the road in a dark street must be quite hard to do as well. No one wants their car broken into or stolen but it must feel worse when it’s new. The cost of fully comp insurance on a new car is another factor that will make a difference.
Used cars and the option of replacing anything that breaks with decent spare parts is a much more comforting thought to me. It’s the whole idea that you don’t have to be so precious about your car when it’s seen a few miles that I like. With a new car you feel obliged to take it back to the dealer for all the servicing and repairs which of course can cost a fortune. You need the official stamps to keep the FSH value - but with an old used car you have so many more options.
For me it’s used cars that are best and that may say something about the person I am. Not a rock star and not a lottery winner.
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