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Should you choose a new or used car?

The decision to buy a new car is both an exciting one and a stressful one. You get this epic chance to get around that doesn’t involve walking miles every day, but the fact you’re about to spend a ton of money can really ruin the fun.

You are going to be faced with a lot of decisions when it comes to buying a car. You have to think about the colour of the vehicle, the mileage, the way that it runs. You have to consider your needs when you are choosing a vehicle and you have to consider whether you want to have a car with all the bells and whistles – or can you wait and buy that kind of car later on?

Perhaps the biggest decision that you have to make with your car purchase is whether you buy a new or a used one. It’s a big choice! Most people have this vision in their heads of them driving off the dealership lot in a brand new model, complete with a big red bow.

The reality is rather different when you consider the fact you may need a company like Choose My Car to help you with your finance options. You also need to know what your limit is for finance: it does matter before you go on a shopping spree. There’s no use mooning over a big new Range Rover if you can only afford a much smaller, used vehicle.

There are plenty of benefits to buying a new car over a used one. Some people like to show off their newest car on their drive, whereas others like the fact that the car has a brand new clock on which they can bring up new miles. Some of the biggest reasons that people choose to buy new include:

  • New cars come with no history. There’s no issues with previous damage, or costly wear and tear. There have been no accidents or replaced parts.
  • You can finance a brand new car in a way that’s affordable. You can still drive off the lot with a new car that’s untouched, and your bank account won’t suffer. You may be paying it off for a while, but hey, you got a new car out of it!
  • New cars come with brand new technology, and many people live for new technology options.

On the flip side of these, there are also benefits to buying a used car. Most people choose to because of the affordability of a used vehicle, others do it because used cars a little more forgiving if they’re a brand new driver. Let’s take a look:

  • Used cars cost far less and don’t often have years and years of making payments in the same way that new models do.
  • There is no worrying about depreciation in a used car compared to a new car which depreciates from the moment you drive off in it. Prices for used cars are far lower than their new counterparts, so they don’t lose you tons of money.
  • You will know the history and the opinions of other car owners who have driven that one before. This can be invaluable in your decision to buy a new or used car.

Understanding the pros is one thing, but buying a new or used car will depend on many factors – largely because of your financial situation. You will need to step forward and look at your finances, determining which you should choose. There are definite differences in the finances of a new car versus the finances of a new one.

Buying New:

  • Can weaken your financial health, especially if your income is on the lower side.
  • New cars depreciate quickly, and you can lose money over time. If you can afford a leased vehicle, a new car is not a bad decision.
  • There are various financing options available to you, and you do get a wide choice.

Buying Used:

  • Used cars make sense when it comes to your finances. You’ll not pay for as long or as much as a new car.
  • Used cars are reliable, just as reliable as a new one!
  • Bringing someone who understands used cars and knows what to look for will help you to avoid buying the wrong type of car.

Ultimately, this is going to come down to what you can afford and whether it’s going to break the bank for you. You should always look at the money before you start looking at the cars that you want, and then you can make the best possible choice.

** This is a collaborative post

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