Cars are a depreciating asset, which means that as soon as you purchase your first car and drive it away, you can be sure that it’s worth less than what you just paid for it. There are a whole host of factors that can affect the value of your car, but the main two are the vehicles age and its mileage.
Of course, the newer the car is, the more expensive it will be. So, if you’re learning to drive and are looking for your first car, then we recommend looking for a used vehicle, since this will be a more financially savvy move.
Additionally, the number of miles that the car has travelled throughout its life will affect its value. A car with high mileage has obviously had a harder life than the same car that’s done only a few miles, and this could mean that it’s more likely to go wrong and see you run into trouble than a lower-mileage choice.
As a learner driver, you’re probably looking for something affordable and reliable, and there are plenty of online used car sites where you can browse for your first car. If you’re not wanting to spend much and are looking for a car that will tie you over for the next few years, that you can ‘run to the ground’, then you might want to consider starting out with a modest old banger. It might not be everyone’s first choice, but here are some of the benefits of starting out with an old banger.
If you’re not wanting to fork out a load of money on your first car, then buying something older could be the way to go. There are plenty of quality used cars for sale from reputable dealers and private sellers. As we previously said, one of the biggest problems with buying cars is depreciation, so you could avoid this by buying something used and keeping it until you can afford something a little flashier.
It’s also important to remember that the more expensive the car is, the higher your car insurance premium will be, and since insurance is already extortionate for newly-passed drivers, you’re going to want to do your research before you jump in and buy a car.
We hate to break it to you, but the cost of your car is just the first of many payments that you will make whilst owning a vehicle. Cars are a financial commitment, and not only will you have to pay fuel and maintenance costs, but you’ll also have to tax your car, which is a legal requirement for every car on the roads.
As of 2017, all cars are subject to a road tax fee. Another benefit to buying an older car is that, if it’s relatively compact and has a small engine, your road tax might actually be free! If this is the case however, you will still have to tax your car annually online on the GOV.UK website.
Repairs and parts are cheaper
Hopefully, your first car won’t go wrong anytime soon, but if it does and you need to take it to be repaired, an old car will prove much cheaper to fix than a new one. This is because older car parts are far cheaper, since they probably won’t have to be sourced from a main dealership. You could purchase the parts yourself cheaply online or even go to a scrap yard and find some parts that are in great condition for good prices! You could be saving money and doing your bit to recycle!
So, if you’re looking for your first car, you might want to consider something slightly older. This doesn’t mean buying something that’s on its last legs, as you can find plenty of older used cars in great condition that have had very few owners! Now isn’t the time for flashy cars — you just want to have a safe, affordable vehicle that will allow you to hit the open road once you’ve passed your test!