Mike Brewer has issued a simple tip for all used car buyers (Image: X / @MikeBrewer)
star Mike Brewer has explained a simple used car trick many drivers don’t understand.
The host of the TV series admitted the hack could allow road users a chance to buy their dream vehicles without worrying about losing money.
Mike stressed road users should understand the “psychology of car ownership” before parting ways with their cash.
He warned motorists tend to hesitate about buying expensive cars due to the massive upfront cost of doing a deal.
However, he explained how road users don’t actually pay for vehicles upfront with models retaining some value for most of their lifespan.
Motorists may be put off securing a new car due to high upfront costs (Image: Getty)
Mike admitted it was not until selling a car years later that the true cost of ownership is revealed depending on how little road users pay.
, he said: “So I moved money from my bank account to his bank account so who’s got the money? I have, I’ve got the money.
“This is the psychology of car ownership and this is the bit some people don’t get. I’m sitting on my money.
“I’m holding onto it. The steering wheel is my money, this door’s my money, this seat’s my money, the engine is my money. I’ve still got my money. It’s here I’m just using my money with my car.
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“So I’m still holding onto my money. I’ve just moved it from numbers into my bank account to something that’s physical.
“So if I wanted to sell this car in say a month’s time and it was worth £1,000 less then where does the money go? It goes back into my bank account.
“So what did the car actually cost me to own it, it cost me £1,000.”
According to , vehicles will tend to depreciate over time with age being one of the biggest contributors.
Cars will tend to lose the most value in year one with costs set to fall 15-35% of its value.
After the biggest drop, the depreciation tends to slow but costs will drop between 10-15% from year two.
says that by the time a model is a decade old, vehicles won’t lose much more value as long as the model is well maintained.
Mike added: “If you’re thinking of buying your dream car and you think I can’t afford to spend that money, just get it in your head that you’re not spending the money. You’re just using it.”