Choosing a new car is a massive a decision. There is so much to consider including what fuel to buy? Whether it’s new or used? These age-old questions are still going strong even in 2017.
As buying a car is a massive financial commitment, it is important to weigh up all your options before making a decision.
Not to worry as this blog post will help you identify the differences in buying a new or used car.
Buying A New Car
The best advantage to buying a used car is the shiny warranty it comes with! Most new cars come with a warranty lasting between 3-7 years depending on the manufacturer.
New cars also come with new parts and fewer problems meaning you won’t have to worry about replacing parts for a while so long as you take care of the car.
One major downside to buying a new car is the high rate of depreciation in the first 3 years. A new car typically loses 50% of its value in the first 3 years meaning you will lose out when it comes to reselling it.
There can also be less choice available when it comes to buying a new car and they will obviously be more expensive.
Buying A Used Car
Used cars are cheaper to buy but they will come with a history. One you need to research to make sure you are not buying a stolen car or one that has finance on it etc. There are a tonne of common used car scams on the market and you can easily avoid them by getting a full car history check.
Older cars will also depreciate at a much slower rate than new cars, however, they will also have higher tax rates.
There is also more choice available when looking for a used car!
When it comes to choosing between a new or second-hand car the most important thing is to take your time and do your research. Weigh up the pros and cons of each and choose wisely what is best for you.