When the time comes to replace your car, the biggest decision that you need to make is whether to buy brand new car or used. This will depend entirely on your own circumstances and preferences but it is helpful to know the pros and cons of both purchases. Read on to find out all you need to know to make this important decision.
There is always a great temptation to buy a new car because this is more glamorous than buying used. This is because buying new means that you are the first owner so you can make your car your own and you know that it has no hidden secrets and has not clocked up many miles. Another major benefit of buying new is that you will benefit from having the manufacturer warranty which will cover the cost of any mechanical or electrical faults, plus you will get a vehicle which comes with all the latest gadgets and safety equipment.
It is true that buying new can be expensive but often you can make the cost more affordable with a finance deal when you buy from a dealership like Peter Vardy. The main drawback of buying a car brand new is that it will begin to depreciate as soon as you drive off the lot and can lose as much as 35% of its value after just one year of ownership.
There are a handful of benefits for buying used and it will suit many types of motorist. The main advantages are that you can get more for your money in the used car market and you can buy a decent car for much less than the cheapest new car. The second-hand car market is enormous which means that you should be able to find a suitable car relatively quickly. Additionally, depreciation rates drop off after three years which is helpful if you plan to sell down the line.
There are a few drawbacks with shopping in the used car market. Namely, older vehicles will be less reliable and the used car market can be a dangerous place to shop so you must be careful with your buying process. Additionally, there may not be protection in place if the manufacturer warranty has expired so you may need to buy an extended warranty too.
These are the main benefits and drawbacks of buying new and used. Hopefully, this information will help you to make the right decision and find a car that will provide you with many happy years of motoring.