Is your current car close to the end of its life? Then it might be time to invest in a new one. But although the prospect of a new car is wonderful, you might not have the money to invest in a brand-new model up front. Which is where a used car comes in.
This is a collaborative post.
You might be wondering – which is the better option for you? This, of course, will depend on your requirements and your taste. But the best way to determine whether a used car or a new car is the right option for you is by comparing and contrasting the two.
To make the decision a little easier, here are the pros and cons of each option:
Everyone dreams of driving a brand new car out of a dealership. With that fresh car smell you know that you’re the first person to own it. This prospect, along with the long warranties, ‘guarantee’ of safety and opportunity to choose the exact specification are all worthy reasons as to why a new car is the better option.
Some dealerships will also offer you the chance to pay for your vehicle on finance – making it that bit more tempting. By agreeing to this option, you can spread out the costs across several months without having to hand a significant amount of money to them at once.
Although with a new car you can choose exactly what specification you want, you’ll have to wait for the car to be ready for you to collect. Even though this isn’t always the case (i.e. if you walk into a dealership and buy a brand new car that’s already available), it is a significant downfall which puts off many buyers.
Secondly, the cost. Although you sometimes have the option of car finance, this can prove to be more expensive in the long term – plus you’ll have to ensure that you return the car afterwards looking almost brand-new.
Many dealerships that offer these will also require you to return it with a certain amount of miles on the clock – limiting how far you can travel throughout the time that you ‘own’ it.
Then comes the insurance. Whether you are a new driver or not, a new car will tend to be more expensive in terms of the insurance that you have to pay.
Love a vintage car? Then chances are you’ll be able to get that model almost immediately. As used cars are often readily available, you’ll be able to choose from thousands of different models often without any limitations – whether you’ve always wanted a corvette, a Used Mini or another type or vehicle.
Buying a used car is also an efficient and easy way of saving money. As they tend to be older models that have had one or more owners in the past, the price will be far more reasonable – meaning you can save money.
You can then save the money you’ve spent on other things – or use it to save up for your dream car in the future. You’ll also save money in terms of the insurance. As mentioned above, newer cars tend to incur higher insurance costs, whereas a used car tends to be lower.
However, there are unfortunately some downsides that you must consider before investing in a used car. Firstly, although you can choose from a wider selection of vehicles, you won’t be able to create a custom car.
You’ll instead have to go with the specifications that are already in place. Of course, you can make smaller changes, but if you’re looking for one that’s more unique and personal to you, this might not be the best option.
Secondly, as it is an older car, chances are there will be a few things wrong with it. Which is why it’s important that you do a test drive, check the vehicle internally and ensure that the dealership has all of the key information before purchasing.
This isn’t always the case, of course, but it’s good to go into the process knowing that you might have to have some work done on the vehicle over time due to its age.