When it comes to buying a car, there is no one-size-fits-all answer whether to purchase a new or a used car. This is because each option has both its pros and cons. This article will take a look at some of the common pros and cons of buying new and used vehicles to help you decide which one suits your needs.
When Should You Buy a New Car?
Buying a new car is always a good option when you have the funds or finance capacity. A new car provides reliability which generally speaking isn’t always a characteristic of a used car. Also, buying a new car comes with that ‘new car smell and feel’ and the peace of mind of being the only owner of the vehicle, both of which can be very uplifting.
A new car will generally also mean that in the first few years, little if any vehicle repairs will be required. Additionally, the manufacturer warranty coverage means that you can go to the car dealer in the case that anything seems wrong with the vehicle. There is definitely assurance in knowing that your new vehicle is covered by the manufacturer warranty if any mechanical issues were to arise.
When Should You Buy a Used Car?
The most obvious answer to this question relates to your budget. Simply stated, buying a used car is a good option when you either don’t have the funds or don’t need a brand new car. This also applies to financing a vehicle, since you should calculate if you can comfortably afford to make the minimum monthly repayments based on your current income and expenses.
Buying a used car will also keep you from losing money by the steep depreciation your car will face as soon as you drive it off the showroom floor. Unfortunately, this is just the reality of purchasing new vehicles and is a persuasive reason to consider buying a pre-owned vehicle.
Buying a pre-owned vehicle from a dealership can be a suitable compromise as they ordinarily undertake AA pre-purchase inspections to ensure the vehicle is mechanically sound prior to being sold. Purchasing from a dealership also means that you are covered by the Consumer Guarantees Act and the vehicle prices are generally significantly lower than new vehicle prices since they have been pre-owned and have already endured the initial depreciation brand new vehicles generally experience.
Buying a used car is easier if you know about cars and the mechanics of them. Since you don’t know the history of the car, it helps if you are mechanically minded or can take someone with you who has sound mechanical knowledge. By taking this step, you can help to ensure that your used car purchasing decision will lead to many happy years of hassle-free motoring.
Buying a used car should also be considered if you want to have the car for only a short period of time. This is because the resale value of a used car will generally be better than that of a new one.
Ultimately through, the final decision to purchase a new or used vehicle will come down to your individual needs and preferences.
Need to Finance Your Car Purchase, Kiwi Car Loans can help
Whether you are looking at purchasing a new or used vehicle, Kiwi Car Loans offers personalised finance packages tailored to save you time and money. Kiwi Car Loans can also arrange extended vehicle warranties on new and used vehicles, so no matter whether you choose to buy a new or used vehicle, privately or through a dealership, you can have the peace of mind knowing that all the major mechanical and electrical items of your vehicle are covered for the unexpected.
If you are interested in financing your car purchase, contact our friendly team today or get your 60 Second Quick Quote online now.
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