The debate on whether you should buy a new or used car is one that has raged for years. It is one of those discussions that everyone has an opinion on, and usually, regardless of their point of view, they are partially right. There are some incredible perks with purchasing a new car while a used car has its own. The reason there is so much debate is because it is dependent on where you are in life, your lifestyle, your finances, and your family situation. Today, we’re going to run down some of the benefits to help you decide whether to buy new or used!
Pros of Buying New
This should come as no surprise, but a new car is NEW. It will have the latest features, the most up to date design and it could be one of the safest cars on the road. You can get it in the colour you want, the add-ons if you like, and much more. As a result of it being new, you get to customize it to your lifestyle.
Warranty and Service
New cars generally do not require much service for the first bit of their life. Warranties can be purchased or extended for an additional cost. Once you buy it, you have little to no worries if any problems pop up. Regular maintenance is also often provided by the dealer.
Ease of Purchase and Financing
Once you know what you want and the feature set, you are on easy street. Generally, the salesperson at the dealer handles the rest of the work allowing you to simply jump into cruise control. Financing deals on new cars are generally better than you will find with used cars. The reason for this is that the car holds the majority of its value, and presumably, it’s a long term investment.
A new car is going to be incredibly reliable. You should experience limited, to no issues with the cars performance. The reliability of a new car is especially important for people who are always on the move. If you need to get from place to place without a single moment of downtime, a new car provides that.
Pros of Buying Used
The price of a used car is significantly less upfront when you compare that to the price of a new car. This should come as no surprise to anyone. Depending on existing mileage, year, recent maintenance and more, the price can go down to the hundreds. As a result, it’s technically possible for everyone to buy a used car.
They say that the minute you drive a new car off the lot, you instantly lose a percentage of the value. A used car has already taken that hit, and what you pay is more in line with what the car is worth. Granted, it is still a depreciating asset, so don’t expect to make money on it.
Generally, used cars are less to insure than new ones. Especially if you pick a model that is the safest on the roads with a long history of proof. By investing in a car that has a long track record of being safe, you get rewarded by your insurer for making a wide decision. Consider getting a quote from isure before buying the used car just to see how much you can save.
An Almost New Car
Often, you can get a used car that is only 2-3 years old. In some cases, it might have been so lightly driven that it feels new. This is not uncommon for cars after their original lease expires. As a result, you get a nearly new car for significant savings.
So, Buy New or Used?
There are, of course, other considerations to make but for the large majority of people it comes down to a question of price vs convenience. If money is not a major concern, and it’s something that will improve your life, by all means, buy yourself a brand new car! If you are a little more careful with your money or have other things you could use the money for – a used car is ideal.