When it comes to the time to buy your next car, will you choose a new car or go for a used one? What are the advantages and disadvantages of new and used cars?
Advantages and disadvantages of new and used cars
Cars are one of the most expensive purchases families make so you need to ensure you make the right choice for your individual circumstances. You may be able to access finance or you may struggle due to credit difficulties. Car insurance and other costs need to be taken into account. Aviva’s insurance cover helps whether you go for a new or used option with cover for damage to your brand new vehicle or roadside repairs for an older and used car.
Let’s look at the advantages and disadvantages of used and new cars.
Advantages of a New Car
My husband prefers new cars as they come with a warranty.
A new car is a good bet so long as you maintain it properly and carry out regular services. New cars come with better mileage rates and lower emissions. If you love your technology, new cares tend to hook up to your mobile phone and other devices that much more easily than used ones.
New cars also give you an ego-boost which an old banger just cannot do in the same way.
Disadvantages of a New Car
New cars are expensive. Not only that you lose money on them the minute you drive them off the lot. The depreciation costs in the first three years are huge. Always consider your other financial needs before investing in a new car both now and make some realistic predictions for your finances for the next few years.
If you take out finance options, do consider the terms and conditions carefully. In particular look at the total amount you will be paying back for that shiny ego-boost that you may come to hate in the future.
Advantages of a Used Car
The obvious advantage of buying a used car is that it is so much cheaper and you can set the budget you want to spend. You may be able to pay in cash which saves you laying out on the costs of finance. You can do research in advance and see if the model performs well or if it is known for particular flaws.
Insurance costs are likely to be lower on used cars so there is a financial saving there too.
Disadvantages of a Used Car
We all have horror stories about used cars. It is far better to take an expert with you to look at potential cars if you are not that savvy when it comes to car maintenance. Not doing so can result in so much stress and financial outlay. In extreme cases, there can even be a threat to life itself. Not every person selling a car has your best interests at heart. Just this week, my brother told me he bought a car on Ebay which broke down on the way home.
If you are buying a second-hand car, you may not get precisely the make, model or colour you prefer. You may have to be flexible about these things. It is arguable that a good history and mileage is far more vital than your favourite colour.
New or Used Car?
In the end the decision on whether to buy a new or used car has to be an individual one. Do talk to other family members and take their views on board. Do plenty of research before making that leap of faith whether you choose a new or used car. Ideally have a mechanic on hand to check over the car before you seal the deal.
This is a sponsored post in collaboration with Aviva