Nearly-new or brand-new car?
Find out why you should consider a nearly-new car.
Why buy nearly new?
There’s no denying that buying a brand-new car has its advantages. You get to choose the car’s specification, you’ll have no worries about service history and you might even get great deals from the dealer.
But did you know that a new car loses an average of 20% in value as soon as it leaves the forecourt?1 By the end of year one, it will have depreciated by around 40%2.
So, how about buying a ‘nearly-new’ car?
What is a nearly-new car?
A nearly-new car is usually considered to be less than 12-months old and have no more than 5,000 miles on the clock3. These types of cars are generally what the dealer uses for demonstrations and test drives.
Buying a nearly-new car could save you a lot of money and you could still enjoy many of the benefits a new car offers4. This is because a nearly-new car is just a brand-new car that has already had one previous owner – the dealer5. Meaning the car has already taken the showroom depreciation hit, without you having to foot the bill.
The benefits of buying nearly-new
Let’s look at some of the other benefits of buying a nearly-new car – and other things to consider.
Pros
- Enjoy the latest specification of a new car, as the car is likely to be less than 1 year old.
- Expect to receive a discount of 5 to 25% from the new car price - dependent on the car's make and model.6
- As with brand-new cars, you save on MOT costs as the car will be less than 3 years old.7
- Your car will be covered by the standard manufacturer warranty – dependent on the car's registration date and date of sale.
- As the car's already built, there isn’t a long waiting time, as opposed to new cars which have a factory build time.
Cons
- You may be restricted in choosing the car’s specification, colour and optional add-ons, as the dealer's already bought their stock.
- Headline deals for car finance typically apply to brand-new cars only, so you may not get the best deal with the dealer.8
- As you'll be the second registered owner of the car, this could affect the car’s resale value.1
See your car finance options
Find out how to fund your next car purchase.
Our car finance range
Find a personalised car finance option for you.
Explore your options
We want to make sure you know about our other car options. Here’s one that might suit you.
You may also like
