The decision to buy a new car or used car is a difficult choice and one which every motorist must make carefully. There are benefits and drawbacks to each and ultimately. It will come down to personal preference. But read on for advice on how you can make the right choice for your needs.
If given the choice, most people would opt for new because it is nice to be the first owner. A new car will rarely give you any mechanical trouble in the first couple of years. This means maintenance will be quite easy as compared to a used car. Which might come with a host of problems that you’ll only discover down the line. Moreover, new cars come with warranties, so in case you encounter any problems, the company will repair or replace the parts for free.
Additionally, buying new allows you to get behind the wheel of a car with the latest and best features. Choose from the newest models featuring advanced technologies. Unfortunately, these are not available in older cars. In addition, the latest hybrid models also offer lower emissions and better mileage. These brand-new hybrids are more environmentally-friendly than a petrol or diesel alternative and they are easier on the pocket as well. Although the initial cost is high, you’ll save a lot of money on fueling the long run.
On the other hand, purchasing a brand-new vehicle has a few drawbacks as well. Buying new can be incredibly expensive and you must think about depreciation. New cars depreciate rapidly within their first two to three years of life. You’ll simply be losing a good amount of money that you cannot claim if you have to sell the car. Which could see you lose out on a huge amount of money? If you sell the car down the line. As a result, buying new is not the best move financially but for many. To become an owner of a new car is expensive from a used car.
Buying Second Hand
Financially, buying second hand is the smarter move to make. Used cars are affordable and save you much more money. Not only this, but you can avoid the biggest depreciation hit. So you will not be losing out on as much money. If you decide to sell the vehicle after a few years. When you sell, it can be possible to put it up for almost the same price as you bought it.
Additionally, because the used car market is so large. It also means that you should be able to find what you are looking for with relative ease and be able to negotiate a fair price. Do your homework and research various makes and models to figure out which one performs well. Consumer reports, online reviews, and other information on the web can help you make a better decision. With a brand-new car, you do not have this added benefit because newly manufactured vehicles often don’t show any issues at first. It takes a while to know whether the model performs well or not. However, used cars get enough time for testing and we know very well how they perform in different conditions.
Used cars are a lot cheaper
Since used cars are a lot cheaper than brand new ones, ultimately it is easier to save up for them. Besides, when you go to purchase an insurance cover for a used car, you normally get a lower rate compared to what you have to pay for a brand-new car. That’s because insurance premiums vary according to the value of the vehicle.
Not being the first owner means that there are drawbacks. In that, it will be an older car with miles on the clock. Some vehicles might also come with significant mechanical issues that require extra care and maintenance. You must consider this factor before purchasing a used car because you might end up paying more in maintenance costs than the actual price of the vehicle.
Shopping in the used car market can be tricky and you will need to be wary if you buy from a private dealer to make sure that you are not scammed. It is a smart idea to use a car valuation service which will allow you to negotiate a fair price for the vehicle. Also, get a comprehensive history check to make sure the car does not have any negative history and is safe to buy.
It’s up to you you want to buy a new car or a used car. Buying a new car have some benefits but it is not the best move financially, particularly when you factor in the rate of depreciation which is at its highest in the first few years. A used car can be much more affordable and allows you to avoid the biggest depreciation hit so it is easy to see why so many motorists shop in the second-hand car market.