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As the purse strings are tightened in the global financial slow down of recent times, the car market is the latest industry to feel the pinch. Indeed, the impact has resulted in manufacturing plants being closed down, whilst redundancies are also a constant threat to many.

However, the situation is not helped by the rising demand for used cars. And why would it? Consumers are being updated daily on the latest casualties of the ‘credit crunch’, so it is only natural that whatever the need or budget, a cheaper alternative is likely to be sought.

It is widely reputed that on buying a new car, its value will depreciate by approximately 20 percent as soon as it’s driven off the forecourt. Furthermore, it is estimated that buying a used car which is only one or two years old can offer the consumer a generous depreciation in its ‘as new’ price; in fact, often represented by a relatively high proportion.

Of course, from purchasing a new car you are able to take advantage of some great benefits - the availability of a warranty, in addition to specific guarantees provides peace of mind, whilst numerous offers are also touted such as free insurance for a year. However, if the ‘never before owned’ aspect can be over-looked, then buying a used car offers much more economic sense. Indeed, high standards of new vehicles in recent years have meant that modern day cars are very reliable.

What's more, it has also never been easier to search for and purchase used cars. In recent years, developments in the online used car marketplace have provided the consumer with the tools to search, compare and even buy a used car, without having to leave the comfort of your own home. And there is a varied range of online mediums available to help you perform such tasks; from online auctions to the more well known and trusted used car advertising online magazine equivalents.

In addition, there are websites available that can provide a car insurance quote online, and information on road side assistance. And in times of economic downturn, the attraction of the used car market place and the desire of the consumer to find a deal offering the complete package are likely to strengthen the used car sector in 2009.

Victoria Cochrane writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.