SAVING MONEY

Should You Buy A New Or Used Car?

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It goes without saying that there are many pros and cons to buying both new and used cars, but which option is best for you? That’s the question, isn’t it? If you’re looking for a new car, you have likely assessed whether or not it’s worth investing in a brand new off-the-line vehicle over a pre-pre-loved model with some road experience behind it already.

If you’re unsure if you should be buying a new or a used car, read on to learn more.

Buying A New Car

Buying a brand-new car can be an extremely attractive proposition if you can afford it. You will be the first and only person to have both driven the vehicle. Buying new means you can get specific features and details added. At the same time, as you are awaiting its manufacture and delivery, you can often choose colours, materials, and added extras so you can design the perfect car for you.

However, buying new comes with some drawbacks, too. It will likely come with more extended waiting periods as the dealer won’t always have it in stock, especially if it’s a new model that isn’t currently for sale or you want specific requirements. On top of this, new cars will depreciate faster and lose their value as soon as they leave the forecourt. This means you can lose up to 35% of the car’s value in the first three years. So, if you’re looking for a car that is a good investment, a brand-new motor won’t always be the best choice.

Buying A Used Car

A used car can be a great option for many people because the upfront cost is typically less than buying a new car. Even nearly new vehicles will be considerably cheaper than brand-new cars. For example, you can often find better deals for cars that have already been owned and driven, whether buying from a used car dealer or heading to a dodge car dealership. On top of the lower costs, used or nearly new cars will likely have already had any issues ironed out and problems identified and rectified, meaning you won’t need to. Plus, they can still be in excellent condition, especially if they’ve only had one owner.

However, as with buying a brand-new car, there are drawbacks to purchasing a used car. While significant issues for manufacture will likely have been found prior to it being traded in, there is a greater chance of a used car experiencing higher levels of wear and tear and requiring new parts or repairs to keep it road-worthy. This can lead to lower costs or increased risk of breakdowns and failures. This is often the payoff against the lower upfront costs. Plus, general costs associated with the day-to-day running of a car can be higher depending on the car’s age, too.

There are good reasons for and against buying a brand-new or used car. Ultimately, your personal preferences, budget, and what you want to use the car for will dictate the type of car you should buy and what is best for you.