Share
Buying A New Or Used Car? The Factors To Weigh Up

Buying A New Or Used Car? The Factors To Weigh Up

When it comes to buying a new car the big question will always be to buy new or used! There are so many factors to consider when it comes to choosing between these 2 types of cars and it can be a bit overwhelming especially if you are not familiar with the car industry.

A lot of the time it will come down to factors such as running costs, style, engine size, your budget and needs. You may even know what you are buying beforehand depending on your situation.

For those of us who are not sure which direction to go, we have put these factors side by side to help you compare and choose.  

Cost

A new car will undoubtedly be more expensive than a used car to buy. However, a new car and a nearly new car will come with a warranty usually lasting for about 5 years. If you do choose a to go with a new car you also won’t need to send it for a MOT test in the first 3 years (with talks of this changing to 4 years).

New cars have a faster rate of depreciation than a used car. With the age old saying that a new car can lose up to 20% of its value just by driving it out of the garage. A new car does, however, lose up to 50% of its value in the first 3 years.

Used cars are much cheaper to buy but they can often come with more maintenance costs and you need to take that into consideration when making a budget (of how much you can afford).

Tax is another factor to consider when it comes to buying a used car. Especially if you are considering an older diesel vehicle as the tax and toxin charges on these cars are going up.

money-card-business-credit-card-50987 (5)

History

One downside to buying a used car is it will come with a history. And this history can often be hidden, in fact, nearly 1 in 3 used cars have a hidden history.

If you buy a used car with outstanding finance on it, you could risk it being repossessed and lose the money you paid for the car. Therefore, it is worth your while to purchase a full car history check to check for any discrepancies and to make an informed decision about the car you are purchasing.

Purchasing a car history check will tell you the car’s legal status, its mileage, running costs, value, Mot history, if it was ever written off and if it has any outstanding finance on it.

Choice

When it comes to buying a used car there is much more choice available to us than new cars. There is more than 400,000 used cars for sale in the UK (spoilt for choice). However, when it comes to new cars you can often get your specifications made to order and have more choice in that sense.

If you are going for a new electric or hybrid car then there are certain government grants available which is a nice incentive to go green.

One off the record advantage to a new car is that new car smell!!

Leave a Comment