When buying a car, you can choose between a new car or a used car. Your decision will be based on the type of car you want but also your budget.
A new car is generally bought from a dealership and hasn’t been registered before and a used car will usually have at least one previous owner.
There are both advantages and disadvantages to both new and used cars, which should be taken into consideration before you decide to buy.
The Advantages of a New Car
With a new car, you will be the first owner which in itself grants peace of mind. Also, if you will be keeping the car for more than 5 years then a new car will serve you better.
With a new car, you will receive a full manufacturer warranty and a full-service plan that is limited to a certain mileage or number of years.
New cars usually needless maintenance in the first few years and any issues are covered by the warranty.
New cars also offer the latest in tech and features and you will be able to customise your car in terms of colour, features and other options.
The Disadvantages of a New Car
A new car will immediately depreciate, whereas with a used car, this depreciation has already been absorbed.
Whilst, you can choose additional extras for a new car, these come at a price and will add to the sticker price.
New cars are more expensive to buy so your budget may not stretch as far. Also, they may come with added sales VAT and CO2 tax.
There is also less choice when buying new as the dealership will only be selling the latest model of a car.
The Advantages of Going Used
A pre-owned car is significantly cheaper than a new car as the previous owner would have absorbed the majority of the depreciation. There will also be no taxes to pay for the purchase.
With a used car, you will not only save on the purchase price, which results in lower finance costs, you will also save on insurance as the premiums will generally be lower.
There are used cars that still have the warranty and motor plan intact, which are transferred with the car, so you could benefit here.
There is a lot more choice when it comes to used cars. You will have a wider variety to choose from and you can find one that has the extras you want but at a fraction of the price. You can also consider older models of a particular car and get more for your money.
You can browse and buy a number of used cars at Trade Your Vehicle.
The Disadvantages of a Used Car
Sellers have to disclose any issues with the car, but that doesn’t mean that things won’t go wrong at a later stage. Any issues with the car will mean it will have to undergo repair making the maintenance costs higher if it is out of warranty or if the service plan has expired.
You will buy the car as is, which means, you won’t be able to add any extras or safety features.
Even though there is plenty of choices, buyers may need to compromise on colour, mileage, year or features.
With a new car, buyers are offered peace of mind, however, buying a used car will save money and can often outweigh the benefits of a new car, especially if you can find the right used car at the right price.
Depending on the car you want, the used car market can offer great value, but you should weigh up all your options before you buy a car.