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New car vs. used car pros and cons: which is best for you?

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May 5th 2020 info

New and old cars can each come with unique quirks or problems. From initial price points to wear and tear, each type of car will have advantages and disadvantages.

More used cars are sold than new cars, but does this mean it’s the best avenue for all consumers? Are there disadvantages of buying a new car? Is the only advantage of purchasing a used model its price?

The way we buy will definitely be changing in the months to come, with a nod to a more digital journey and special measures for safely collecting the vehicle, but will that affect whether you choose new or used?

Below, we break down the pros and cons of both new and used cars to help you make an informed decision.

New cars vs used cars: The pros and cons

Buying a new car

Sometimes, it’s nice to treat ourselves to something brand-new. While used models may have savings and other advantages, the feeling of driving an untouched, shiny new model can feel worth the extra investment.

Sentiment aside, though, buying a new car can come with some justifiable advantages. When buying new, you can choose the exact model and specification you want – there is no need to compromise.

This increases the chance of it being a purchase you want to make, so you may not regret it six months down the road.

Newer cars can come with a cocktail of bonus and sweeteners, too. Dealers like to throw in warranties and extras, which may come in handy.

The biggest advantage of a new car is its history, though. While it may lose a chunk of value as soon as you drive out of the dealership, you likely won’t need to worry about any issues for a while.

The immediate deprecation of a new car, however, shouldn’t be undervalued. It is one of the major disadvantages of buying a new car.

It immediately places the quality of investment into question. How long, truly, will you be driving the car for? If you drive it for three years, you may find that its value has dropped by up to half of its initial price.

Even without factoring deprecation, you’re likely to pay a higher level of tax and insurance on a newer model of car.

So, not only is it typically more expensive, but you’ll also have to factor in a steeper loss of value as well as higher costs.

New cars will likely have some savings on fuel and other resources compared to used models, but when new cars break down, it tends to be for electrical reasons, which isn’t an easy fix.

Ultimately, it comes down to the buyer. If you’re financially comfortable and you have a dream car in mind which you’ll use for years, a new car may be worth the premium. Otherwise, used cars make more financial sense.

Buying a used car

Buying a used car may take a little more time to find the perfect model, but in financial terms, it’s the safest choice.

As mentioned, used cars do not see the same level of depreciation as newer models, plus with longer factory warranties and improved transparency of information, you can be more confident in making a sound purchase.

Tax and insurance are typically lower, too, so you’ll see a more gradual decline of value with fewer costs.

If a used car breaks down, it is highly likely there will be readily available parts for repair. Newer models may have to wait for new parts to come in or face higher fees due to sourcing from official channels.

In terms of making the most of an investment, used cars are the best way to go for the majority of buyers. However, there can be some doubt about a used car’s history. Horror stories are infrequent but scary enough to put some prospective buyers off.

For this reason, it’s important to go to a used car dealer or seller that you can trust. To find out if a car sale is trustworthy, then read our blog post, ‘Discover how to find the history of a used car with these top tips’.

Decision time: a new or old car?

Doubt over a car’s history can be circumvented if you purchase from a reputable, transparent trader.

At findandfund, we ensure that all the relevant information is displayed from a trusted range of dealers. That way, you can have all the detail you need when deciding on whether you want a new or old car.

Take a look at our range today to find your dream, used car.

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