There are loads of decisions to make when buying a car. Not only do you need to pick the make and model, but you also need to decide if you want to buy a new or used car. Your answer will come down to the best possible deal suitable for your needs and your budget. If you’re not sure how to decide which is best for you here are a few pros and cons to consider when deciding to buy a new or used car.
Buying new
Advantages of buying a new car include peace of mind. Knowing that you are the first owner of the car goes a long way to trusting your vehicle. New cars typically come with a comprehensive manufacturer warranty and full-service plan and require less maintenance than a used car for the first few years.
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A new car can also be customised to your tastes. You often have the choice to customise your new car with various options and luxury features, as well as specifying the exterior paint colour you would like the car to be in. New cars come standard with the latest gadgets, engine technology, fuel efficiency rates and safety features, so you can be sure you are getting the most for your money.
But what about the disadvantages of buying a new car? The biggest disadvantage of buying a new car is that you lose money on it as soon as you drive it off the dealer floor. A new car takes its biggest depreciation in the first two or three years. Optional features are great, but they will also add to the price of the car. New cars are more expensive, meaning you’ll get less bang for your buck.
Also read: Buyer’s Guide: How to Find a Vehicle to Suit Your Budget
Buying used
There are plenty of advantages of buying a used car. The biggest advantage of buying a used car is that you’ve let someone else take the biggest depreciation hit on the car. Buying a used car, will mean a reduced purchase price, lower finance costs, and lower insurance premiums. If you buy a car that is only 3 to 5 years old, you could also potentially still benefit from the balance of the motor plan and warranty which will be transferred with the car. You also have a far wider choice of vehicle when buying a used car and can consider older models and a wider variety.
But what about the downsides to buying a used vehicle? The biggest disadvantage of buying a used car is that it may not be as reliable, or you may need to do more repairs on it. However, you do have the option of buying a certified pre-owned car through a certified dealer. You can shop with confidence and peace of mind. Of course, with a used car, you can’t opt to add optional extras and safety features to the car, but you can get the benefit of buying a card with loads of added extras that may not have been able to afford if you had bought the car new.
When buying a second-hand card you’ll be spoiled for choice, but you also need to select from the used cars for sale and cannot be too selective on certain features like colour, year etc.
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