Why To Invest In The Used Car Market

The used car market is thriving across the UK and Northern Ireland. This is due to the shortage of new car models due to the chip shortage alongside the rising prices of new models. It has become cheaper for car buyers to invest in used cars NI rather than paying for a brand new model. There is a range of used cars on the market to suit your budget. We have created a list of reasons on why to invest in the used car market today and how this will benefit you in the long run.

Used Cars Are Cheaper

One of the top reasons why people decide to invest in used cars Belfast is because they are cheaper and come with better deals. Compared to newer cars on the market you can buy a used car for nearly half the price. As many of these cars have been around for many years, it will be cheaper to repair them compared to brand new models. As these parts will be readily available you will not have to source them from the official retailers.

Lower Insurance Fees

Buying a used car will come with smaller insurance charges. It will cost a lot more money trying to insure a brand new car as there will be a bigger financial risk if this car was to get into a collision. When you are changing from one used car to another, your insurance will only rise by a negligible amount.

No Waiting Periods

Usually, when someone purchases a brand new vehicle they don’t get to drive home right away. It is common to have to wait a while until the stock of these newer models arrives at your dealership. This differs from when you buy from the used car market as the transaction process is a lot more straightforward and a quicker process. You will be able to drive home the same day you buy the car.

Lower Tax and Registration Fees

Brand new car models are more expensive to register and tax. If you purchase a used vehicle you will miss out on having to pay a substantial amount of fees by driving a slightly older car. Vehicle taxes are usually determined based on the current retail of the car you are purchasing. Cars that are a number of years old may be eligible for discounted taxes, so it is a good idea to check this information out before deciding on your final purchase.

Car Depreciation Is An Advantage

New cars depreciate at a faster rate compared to used cars. Less than half of a car’s depreciation will happen within the first year after its purchase. After a number of years, the depreciation begins to slow down. This means that the value of used cars won’t depreciate further than they already have. 

At Carlover we understand that purchasing a car is one of the second largest purchases that people will make after taking out a mortgage on their home. We have a range of used cars for sale NI from a range of major brands, including BMW, Volkswagen, Audi, Mercedes and Tesla.

To view the range of cars we have for sale in dealerships across Northern Ireland, browse to Carlover now .

David is one of the Co-founders at Carlover. He has an extensive background as a product designer & manager, spending the last 5 years leading teams in designing and building apps for multiple industries. He is a self confessed car fanatic and a lover of all things tech. When he's not working on the amazing set of Carlover products, you can usually find him working on his own cars!