Usually, the rule of second hand cars is easy to follow; the older they are, the cheaper they are, until they become classis. Yet there are still variations seasonally and in the lifespan of the car that make it better to buy at certain times, and that’s particularly true when supply is restricted, or buyer trends look towards a particular model.
We don’t have the time here to explain the pattern for every car you could buy, and it makes sense to use free tools such as online valuations tools to check whether you are looking at a good deal. A good example would be the popular Range Rover Evoque. It loses a significant amount of value in the first three years, taking a £40,000-plus vehicle to around £22,000 – and by the time it’s five years old it can be as low as £16,000. Yet even the oldest, tired, high mileage examples rarely dip below £10,000. If you’re intending to keep the car a long time, the newer one is better value.
Where do I start?
Start by looking at second hand cars online to get an idea of what’s out there. This can also help you narrow down the type of car you want, car features and what you can afford.
What’s the best age of second hand car to buy?
How old a car to buy depends on how you intend to finance and use it. If you want to pay cash, then it’s worth looking at cars over ten years old – assuming they are suitable for where you live. Condition matters more than history here, but a well-looked after older car for less than £3,000 can easily last two or three years with routine maintenance. Research the model you want thoroughly and be prepared to spend money on preventative maintenance.
If you are buying on finance, then the best age range to look at is the ‘nearly-new’ to ‘with a couple of years of extended warranty available’, and look at cars with full service history. You’ll find the best selection through manufacturer’s approved-used schemes, and extended warranties can be available for cars up to ten years old. In the case of Toyota, there’s no extra cost beyond a main dealer service every year, up to 100,000 miles.
What’s the worst age of second hand car to buy?
Every car is different, but a good guideline is ‘how likely is it that repairs will cost more than the value of the car’. When a modern car’s major service can cost £700-1,500, and consumables such as tyres on a higher performance model can exceed £500, the last thing you want to add is unexpected failures on top of your repayments.
With that in mind, be particularly careful when buying cars between 75,000 and 100,000 miles and five to seven years old. This is the point where they still have a strong retail value for finance, but are beginning to show wear in the suspension, brakes, steering and gearbox. It’s also where missed services can begin to have the biggest impact on cooling, heating and gearbox, and yes, for many cars it’s where it will go from having a high value, to being worth very little, during the time you are paying for it.
Go for something older and you may not have to finance it – yet it could have gone through the process of having all those wear and tear parts replaced.
What’s the best time of year to buy a car?
From retailers, it’s worth shopping around February to March and August-September. Traffic is reduced due to Christmas and summer holiday spending, and existing stock is in the way of new registration trade ins and ex-lease cars returning to auction.
Winter is good if you want to haggle, but it’s miserable checking the car out properly in the cold. However, if you want a convertible car it’s a good time to shop, as they look less appealing covered in frost and rain, and dealers are more inclined to reduce prices.
Similarly, if you want a cheap 4×4, buy in summer –even if the cars are popular all-year round, many drivers only think about them as winter approaches and then look for the thirsty, unloved ones to get through one season. It makes far more sense to buy those Vitaras, Freelanders and Suzuki SX4s when the sun is shining, get them maintained when the weather is good, and then find you’ve got a reliable winter car that is still appealing to sell when spring arrives.
Above all the best time to buy a second hand car is ‘before you need it’. If your existing car is showing signs of wear or not meeting your needs, start looking before it lets you down. You’ll have more time to consider your purchase, to shop around and to find the best example of the car you want, rather than taking the first deal because you need transport.
