If you're looking to purchase a car, you may be weighing up whether to buy a brand new vehicle or a second hand one. It can sometimes be difficult to determine which is the best decision for your own individual circumstances but by looking at the advantages and disadvantages to both options, you can begin to make an informed and confident decision. In this article, we consider the pros and cons of each option.
Buying a new vehicle has some very clear advantages. Firstly, you can be confident that you are the very first owner of it and there will be no undisclosed history to consider. There will be no wear and tear on the vehicle and you won't have to worry about the age of the vehicle affecting its performance. What's more, you will have the full manufacturer's car warranty should anything go wrong. Buying a new vehicle means you can often choose the exact specification you want and can sometimes tailor it to exactly your requirements. Newer cars will also have the latest technology and will likely be more fuel efficient than older cars. They will also have advanced safety features.
Whilst all this sounds wonderful, a new car does however come at a cost. You'll be paying significantly more for a brand new car that has yet to leave the showroom. Another disadvantage is that the more features your brand new car has, the more that can potentially become faulty, needing repair. Finally, ask the dealer if they will cover the cost of shipping the vehicle, as it can cost you several thousand dollars if you will have to cover that cost yourself.
Buying a used vehicle
A big advantage of buying a used car is that you avoid the financial depreciation that comes with brand new cars- nearly 20% of a new car's value is wiped once it leaves the showroom.
You'll have a real depth of choice when it comes to selecting your used vehicle as there are millions of used cars for sale. Buying from an official and approved car dealer will ensure that you have face to face service, the chance to look at and test-drive the car and potentially part exchange your old vehicle. Some used cars have manufacturers' used approved schemes which helps give you good customer service.
A great advantage of buying a used car is that it will be cheaper than buying a brand new car. Using a car payment calculator you can accurately assess your monthly repayment amounts in order to determine if the purchase is practical for you.
One of the biggest downsides to buying a used car is that it will certainly come with a history and some wear and tear. There is also a slight risk that the vehicle will have some undisclosed history. One way to give you some peace of mind is to have a history check on the car to see if there is anything you need to be mindful of.
Making your choice
Buying a car can feel like an overwhelming task but by spending a little time considering what you are looking for in your vehicle, researching the cars currently available within your chosen specifications and assessing what budget you have to work with, you can be sure to find the right vehicle for you. Make sure you have also insured your car, protecting you and giving you peace of mind. You may also consider GAP Insurance which covers the difference between your insurance offer at the point your car is written off or declared a loss and the value of your car when you bought it.
*Collaborative post
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