Anyone who is looking to purchase a vehicle has a lot of decisions to make with regard to the type of vehicle they want, how much they want to spend, and how they will finance the purchase. Another thing that many have to think about is whether to go for a used or a new vehicle. It is important to weigh up the pros and cons of both of these options in order to make a more informed decision about what you should do. We will look at some of the pros and cons of both options in this article.
Buying A New Car: Pros and Cons:-
PRO – First Owner Experience
When it comes to benefits, the simple fact that the car is new is one of the key benefits. You can enjoy being the first owner and enjoy that special experience and feeling you only get when you take a seat inside a new vehicle.
You can also add options to the vehicle to your exact liking and specifications. Also you can take advantage of one-off specials, incentives and finance deals that may be promoted by the car manufacturer through the Dealership.
Roadside Assistance packages are often included as part of the new car warranty on purchasing a car.
Ease of buying new from a Dealership and not requiring mechanical checks and inspections that used cars are more likely to require on purchase.
PRO – No Prior Issues
In addition, you have the benefit of getting a vehicle that should not have any issues or problems because it is brand-new. You also have maximum factory warranty to protect you just in case you get any unforeseen issues or niggles. You can enjoy getting the latest model with all the mod-cons, the latest updated technology and advanced safety features have become popular in newer model vehicles these days.
Ongoing servicing costs in the first few years of ownership are much lower. There is less wear and tear on the vehicle and the time element of ownership and natural deterioration not taking effect in the early years of ownership.
No issues or worries of a previous driver’s ownership, accident and maintenance history.
CON – Extreme Depreciation
In terms of the downside, one of the main disadvantages is the depreciation you will experience with a brand-new car. As soon as you drive the car away, the value will drop considerably, and as the first owner, it is you that will bear the financial brunt of this.
CON – More Expensive
Another downside of getting a brand-new car is that you are limited with regard to choices as you can only go for vehicles that have come out recently rather than past models. Of course, you also have the downside of having to pay more for a new car compared to a used one.
New cars also incur one off costs like Dealer “delivery costs”, Luxury Car Tax and extra Stamp Duty costs once certain price thresholds are exceeded on higher priced vehicles.
Buying A Used Car: Pros and Cons:-
PRO – Affordable Purchase Prices
On the upside, buying a used car means you need less money to start off with, as you will generally pay considerably less than a brand-new one. Generally, many new cars can suffer up to 20 percent depreciation in the first year of ownership.
Buying a used car can enable you to purchase a higher specified and optioned car with all the bells and whistles for a budget that would have bought you a new base model new car.
PRO – Minimises Depreciation
In addition, you will not be hit with depreciation at the same level as the initial buyer of the vehicle, so you do not have to worry about huge losses in terms of value.
PRO – Variety of Choice
You can also benefit from more choices because you can choose from makes and models both old and updated.
CON – Risk of Prior Issues
On the downside, buying a used car means that you could end up with a vehicle that is not in great shape or has problems that could cost a lot of money to sort out. You have to look at things such as the kilometres travelled on the clock and get the vehicle checked over for safety, which you would not need to do with a brand-new vehicle.
Maintenance, accident history and the issues of reliability become the forefront of consideration when buying a used car.
Getting Help with Your Vehicle Purchase
Whether you decide on a used or new vehicle, it can really help to have professional help on hand. For assistance with your next car purchase, get in touch with our team at My Next Car Buying Advocacy. Our car experts are committed to helping car buyers narrow down their options so they can always find the right car, at the right price.