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With a gloomy economic outlook and many people choosing to tighten their purse strings, it is understandable that approved used car sales are growing rapidly. While some may wish to buy a brand new car simply for that new car smell and prestige of owning the newest model it is important to realise that this is rarely worthwhile. New cars cost considerably more than approved used ones, then add the high amount of depreciation and a new car truly makes no financial sense. Approved used cars are available for many major car manufacturers, from Audi and BMW to Ford and Toyota, representing a far more affordable car buying option.

When looking for a new car it is essential to take detailed and conscientious approach. Take into account each manufacturers entire range of approved used cars. After you have decided upon the class and size of vehicle, compare different manufacturer’s models, these could be saloon cars like the Audi A6 or the BMW 5 Series or small city run arounds such as the Citroen C2 or Audi A3. Try and compare the cars in a like for like way, researching the features in detail and assessing how and why they will improve your life.

As previously stated depreciation is only one of the reasons to buy an approved used car rather than a brand spanking new one. Recent research has given an insight into depreciation levels that is absolutely shocking. On average the research showed that a brand new car is likely to lose around thirty five percent in terms of value in the space of twelve months. Further, the same car is likely to drop in value another thirty percent in the following five years. Showing that in a period of six years, a car loses more than half of its original list price. While this is not so true for cheaper cars, prestige vehicles made by Audi, BMW and Mercedes are likely to lose more than this average. Considering the amount of businessmen that drive these cars, it is amazing that a so many have new models.

Another part of your decision making process whether buying new or approved used cars should be fuel efficiency. In a world where the cost of petrol and diesel is rising to unprecedented levels, having a car that gives more miles for the buck is the ultimate objective. While in the past large “all terrain” vehicles have been popular this is sure to change when the cost of filling the tank requires a mortgage. More likely is that cars such as the Toyota Corolla or Audi A3 will be purchased instead, their fuel efficiency is better and hence in the long run these vehicles will be cheaper to own. With technological advances in the production of new fuel supplies, it is also likely that cars such as the Prius, a hybrid engine car will be the cars of the future. Finding an approved used one at this stage could be quite difficult.

Hopefully this information has given some advice to those considering buying a new vehicle. To summarise the main points, it is not worth buying new, any car bought like this will simply lose value and be a financial drain. Additionally it is important to consider the fuel efficiency of any new car, as fuel prices rise this is simply essential. By following these points it should be able to find a great car that will give years of motoring pleasure.

Motoring expert Thomas Pretty looks at why an approved used Audi can be deemed a financially sensible purchase.