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What is a Nearly New Car?
04 Sep 2024
If you’ve been browsing for your next car online, then there’s a good chance you’ve seen plenty of ‘Nearly New’ cars advertised, and that’s because these types of cars are growing increasingly popular amongst buyers.
But what exactly are nearly new cars? What does nearly new actually mean? And how new are nearly new cars? These are common questions amongst car buyers, and we’re on hand to answer them for you.
Nearly New: An introduction
It’s no secret that buying a new car straight off the forecourt is expensive, as is the fast depreciation of the car once you’ve left the dealership, yet so many potential buyers love that new car smell, the brand new parts, and zero mileage.
The industry defines Nearly New as used cars that are under two years old, and with under 20,000 miles on the clock. Whilst these cars are not brand new, they do present an interesting alternative for buyers with a budget who are looking for modern, premium cars with low mileage.
Where do Nearly New Cars come from?
Almost all car dealers and private sellers advertise Nearly New Cars. Some of these may have been driven by a member of staff at the dealership or may have doubled up as a demonstrator or courtesy car for customers. Another possibility is the car has just come to the end of a hire or lease term, or of course, some have just been sold by owners who fancy something different, even though the car is nearly new!
Wherever nearly new cars come from, buyers are sure to find a range of low mileage vehicles to choose from, and if the car was a former company or courtesy car, you’d like to think that these vehicles have been driven with care, maintaining their new condition. As an added bonus, if the car was previously a demonstrator car, these often come with a high level of trim with an impressive range of add-ons installed, so the brand could wow potential buyers.
What are the advantages of buying a Nearly New Car?
Value for money
Nearly new cars present the opportunity to save thousands of pounds on premium, and often high-spec used cars that you might not usually have the budget for. In fact, with the same budget as a new car buyer, you could snatch a deal on a high-trim, faster, larger, and more luxurious car that at first sight, could be confused for a brand-new motor. It really is a win-win!
Reduced depreciation
It’s no secret that brand-new cars plummet in value the second they roll out of the dealership, before continuing to devalue as each year passes. This is another huge opportunity when buying nearly new, as the original owner of the new car has already borne the brunt of that first depreciation.
Low mileage
Most drivers know that the higher a car’s mileage, the higher the chance of mechanical and performance issues, meaning as the car’s mileage goes up, its value normally goes down…
Seeing as the industry defines nearly new as cars with less than 20,000 miles on the clock, you shouldn’t have to worry about the issues that come with high mileage cars.
Original manufacturer warranty
One of the most overlooked advantages to buying a nearly new car is the fact that many models will still be covered by their manufacturer warranty, giving you that peace of mind that you won’t need to pay up if anything fails whilst you’re covered.
‘Run in’ engine and parts
Although car technology and performance are improving every year, manufacturers still recommend ‘breaking in’ new cars by driving gently for the first 1,000 miles. This allows the vehicle’s parts to bed against each other properly, without any loss to performance.
Instead, nearly new car owners can enjoy the car’s performance from the moment they get in, and most importantly, enjoy the car from the moment they’ve paid for it.
Can I finance a Nearly New Car?
The simple answer is yes, you can purchase nearly new cars on finance. So not only are you purchasing a low mileage, premium car at a much better price, but you can spread the cost with monthly installments, making nearly new cars even more affordable.
Understanding the different types of car finance available and what suits you best can be confusing, which is why we recently shared a Car Finance Guide explaining all the car finance options and car finance lenders available at Tangelo.