With a used car market more active than it has been in recent years, owing to a number of factors, the market is now full of tantalising prospects – from sturdily-designed workhorses of the previous decade to nearly-new cars with mod-cons. The variety is greater than ever before, making it an extremely viable market for anyone after a new car. But if you had your hopes on buying a brand-new car, you might be hesitant. This article will look at some of the pros and cons of purchasing a new car, giving you the ideas with which to make up your mind.
Used cars are naturally cheaper than new. This is self-evident, but given the increased quality of second-hand cars on the market, you’re looking at an opportunity to bag a car in excellent condition for a cheaper price than a new car that’s near-indistinguishable in terms of condition. Well looked-after used cars can make all the difference to your budget, and maybe give you the chance to opt for a car slightly above your budget if bought new.
With new cars, you might be looking at a daunting financing solution, involving three years of regular payments and the introduction of interest at some point. While convenient initially, this can get painful quick. But with cheaper cars on the second-hand market, your purchasing solution could be as simple as taking out a loan and paying it back on your own terms. Less headaches, more control, and a car that’s fully yours much quicker.
New cars lose their initial value after purchase very quickly – but after that, depreciation slows considerably, especially if you look after your car well. With this in mind, you could be poised to make more or less your money back if you ever decide to re-sell your second hand car. Certain models keep their value better than others, but this can become part of your used car research – ensuring you get the best deal both ways every time.
The used car market can be a mixed bag, and it can be difficult to discern which cars are smooth runners and which cars are money-sinks in waiting. Questions you have to ask yourself: has this car had its MOT yet? If not, where can I find an MOT garage near me? Am I prepared for a fail result? And am I prepared to cover the cost of any potential defects uncovered?
Potential Repair Costs
Which leads us neatly on to the cost of repairs. If the car is an older model, there’s no telling how many things might be on the verge of failure – and even outside of an MOT, you can find yourself battling warning lights and disconcerting noises constantly. After purchase is a terrible time to find out that your clutch assembly needs replacing – a repair cost in excess of £1000.
Lastly, you might simply be after a new car with that special something that sparks joy in you. You might be after the new car smell, the plastic protection film over all the interior panelling, and all the service manuals fresh out of their packaging. There’s not much arguing with this – the heart wants what it wants, and buying used might simply not appeal to you.
Ultimately, the only person who will know whether or not a used car is right for you is you. The market is constantly shifting, and there are endless cars and deals for you to make your mind up on. The search for a car is a drawn-out process – but when you find something that works for you, you’ll know.