Gumtree share their top tips for buying second-hand cars
A mechanic has urged drivers not to make the mistake of buying a relatively new used car when looking at a new model.
YouTube star Scotty Kilmer stressed drivers should go for an “eight-year-old” used car as the vehicle’s valuation has already fallen.
Many classic cars may still have hundreds of thousands of miles left in them making it a perfect runaround.
He warns motorists buying two or three-year-old cars could still pay tens of thousands of pounds meaning drivers were “not really saving that much”.
The model’s worth is likely to dramatically fall the longer it is owned meaning road users will lose money over the long term unless they are smart.
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Speaking on his YouTube channel, Kilmer said: “Scotty, what is the ideal age and mileage range for making a financially smart used car purchase?
“That is a pretty open-ended question because how much money are you going to spend and what do you want to get, right?
“If you can get a good price I would say get a Toyota or a Honda. If you can get one that’s around eight years old. Six, seven, eight years old. They still have plenty of life, you can get a much better price.
“If you get a two or three-year-old used car you’re going to pay so much money you’re not really saving that much. But as they get older people pay less money.
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“Let’s say you buy an eight-year-old Toyota that’s got 100,000 miles, that thing might go 300,000, or 400,000 miles.
“You’re getting a higher percentage back on your investment because if you buy a two or three-year-old one you’re going to pay $25,000 (£20,000) or $30,000 (£24,000).
“But if you buy the other one for 8,000 or 9,000 or less, you’re still getting a better deal buying less.
“Sure it’s got higher mileage but they can last so long the percentage of life left in the car versus what you pay, you can’t beat an older one.”
Mr Kilmer’s comments were backed up by LeaseLoco who stressed second-hand vehicles depreciate more early on in their lifecycle.
The motoring group stress models will lose around 15 to 25 percent of their value over the first 12 months.
Second-hand car prices will then drop down 40 to 60 percent by the third year before falling another 10 percent by year five.
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