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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
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