When buying a new car there are many things to consider. Many of you will already have an idea in mind about which make and model you want. Before you take the leap, it’s a good idea to think about how much you want to spend and why. WIth new cars and especially of luxury brand you’re definitely paying for a status symbol, but don’t consider these an investment. There are a few things that make used cars more cost effective, not only when you first buy them but also in the long run.
New cars depreciate 20% as soon as you drive them away, this then increases to 30% after the first year of use. This means that you spend a lot of money which you will never get back at the resell. Although used cars will also depreciate with use the difference is much less. You could buy a car for £15,000 and sell it a couple of years later for £12,000 whereas a new car bought for around £30,000 would go for a third of the price only a couple of years down the line. The depreciation rate therefore in new cars is much worse. This means that if you do decide to go for used, you will be able to go up a class, to a more luxury make. You will have more money to play with when you buy originally and don’t need to think of the car as an investment because it won’t be.
Used cars are just as reliable. This is because all cars nowadays need to adhere to safety laws. All cars are built to certain standards and it will be close to impossible to find any vehicle that doesn’t comply. Also it’s pretty normal that most cars will need very little maintenance and won’t need anything replaced, as they are much more durable.
Buying your insurance will be much cheaper with Used Cars. Also registry renewals will be cheaper by default.
Even taking the depreciation into consideration new cars are still unmarked and perfect. It’s a lot more stressful when you accidentally chip the paint work. Minor damages won’t ruin the effect of a used car, as it’s already been through some wear and tear.
Advantages of buying a new car
Buying a new car will automatically save you a lot of hassle in terms of simplicity and admin. You won’t need to worry about having up to date MOT or any other inspections as the car will obviously be brand new. If you go through a car dealership however all of these things will be taken care of for you anyway. New cars also have more advanced technology which has advantages both ecological and convenience wise. It really depends on what you are looking for. New cars are inevitably “cooler” and more of a status symbol. More and more nowadays however, ostentatious displays are becoming less fashionable, relating to ideals of sustainability for example. .