If you’re considering going for a new vehicle, it’s a good idea to think about picking a used car. There may be a sort of thrill when it comes to buying a brand new car, but the truth is that used cars are always cheaper – and generally they’re every bit as good. Here are some pros and cons that might help you make up your mind between new and used.
PRO: It will be cheaper
If you’re worried about buying a brand new car and being roped into making huge car payments every month for the foreseeable future, a used car may be the best idea for you. It’s a lot easier to save up for a used car if you would rather pay cash. There are multiple advantages to paying cash – first of all, the car will be yours right away, and secondly, you won’t have to worry about exorbitant interest rates. New cars lose around 15% of their value every year, meaning that the previous owner will take the biggest depreciation hit on their vehicle, while you may be able to sell it for a price similar to what you paid for it if you decide to sell it in a few years’ time.
CON: You may not have a warranty
If you decide to buy a used car privately from an individual, it may not come with the warranties and service programs that will often come when you are purchasing a brand new car. However, reliable used car companies such as https://www.oodlecars.co.uk/ will provide a twelve month warranty with breakdown service, so make sure that you shop around to get the best deal long term – you need to consider more than your initial payment.
PRO: Your insurance rates will be lower
If you purchase a used car instead of a brand new one, chances are, your insurance rates will be a whole lot cheaper, simply because used cars are worth a little less and are cheaper to fix and replace. This is a particularly important point to consider if you have recently become a driver or if you are in your early twenties – you may discover that insurance rates are a lot higher than you initially considered. In that case, buying a used car would be a much better deal than a brand new one.
CON: You could get stuck with a poor quality car
Unfortunately, when you buy a used car, you will never know every little thing about its history, meaning that you are taking a small risk. That means that you should make sure that you go for a car that has been certified by its manufacturer, meaning that it has been inspected and found to be of good quality. In that case, you won’t have to worry about your car breaking down – and you also won’t need to be concerned that you will have to pay out huge amounts of money to cover breakdown and repair costs.
Buying a used car can feel like a risk – but it’s also an extremely smart investment.