The appeal of buying a brand-new car is both enormous and obvious. But at the same time, so too is the inevitable downside of buying from new. Still, if you have the luxury of choice and can pick between taking home a brand new car or buying second-hand, it’s a good idea to carefully consider the advantages and disadvantages of each, before going ahead.
The Pros of Buying New
In terms of buying a car from brand new, the biggest advantages are as follows:
- First of all, you can get the exact car you want with the exact trim level and specifications you want.
- More often than not, the newest cars on the roads today are significantly more fuel efficient and also safer than older cars.
- New cars also tend to be more reliable for the immediate future at least as they have not yet been used.
- Manufacturers’ warranties supplied with new cars can extend for anything from 3 to 10 years.
- Excellent finance deals may be available to spread the cost.
The Cons of Buying New
As for the downsides:
- New cars will always be significantly more expensive than used cars.
- The vast majority of new cars lose at least half of their value within the first three years – some plummet in value by up to 30% the moment you drive them off the forecourt.
- Many modern cars are extremely complicated and technologically advanced, which can make it difficult to carry out even the simplest of repairs.
The Pros of Buying Used
- The biggest advantage of buying used is that your car is guaranteed to cost considerably less than it would if it was brand new.
- As you are paying a lower price, you may be able to afford a better car or a higher specification than if you are purchasing brand-new.
- Used cars do not depreciate in value as quickly as new cars, meaning you’ll get more of your money back when you decide to sell it.
- You may not need to apply for any kind of credit facility or borrow money that will need to be paid back.
The Cons of Buying Used
- As you do not know exactly how the car is being treated in the past, there may be hidden problems that only come to the surface further down the line.
- You may be offered a very limited warranty or no kind of warranty whatsoever.
- The car may not be as technologically advanced or fuel efficient as a brand-new car.
- Choice will be limited by the available used cars at the time, meaning you may have to settle for something that isn’t precisely what you are looking for.
If you’ve made the decision to go ahead and pick up a used car, there are a few choice online resources you should definitely check out first. Along with ensuring your credit score is in order, you could also save money and make sure the car you pick up is exactly as it should be.
Useful Online Advice & Guides
Clearscore offers more advice on the subject of buying second hand cars, you can also get a free credit check and get your credit score from them. CarWow offer some great advice on what to look for when buying a second hand car and also AutoTrader have lots of tips and guides about buying a second-hand car from dealers and private sellers, what to look for on a test drive and doing the deal. Finally, MoneySavingExpert offers these 20 tips for buying a used car.