Used cars vs new cars

Deciding what car to choose is difficult enough without the added concern of whether to buy a new or a used one. Today we find that there are many used cars for sale and you can take advantage of this.

We continuously hear about the economy and how we continue to spiral out of control, and while this is repetitive there is a point to it. Being careful with our money is important, and this means that people are starting to consider that buying a used car is a lot more financially prudent than shelling out for a new one.

In an ideal world, you will walk into a showroom and get the best car with all the trimmings but life doesn’t tend to work like that. With this in mind, we’ll run through a few pros and cons to help you understand which is the right option.

Finance

It may seem obvious but the first thing to look at is what disposable income you have to understand which market you should be looking at. Are you desperate for a prestige model with aircon and a leather interior or are you not really that fussy? Is getting finance on a car something that will be worthwhile in the long-term or would it be something that would be a concern?

Status

We live in a materialistic world, where a lot of people like to take pride in wearing the best things on the market – whether that be a car or clothes. Do you want people to see your car and think about you in a certain way or does it need to be practical?

Also note that if you are purchasing the car for a daughter or son then a used one is what many people plump for – and rightly so.

Warranty

While a used car often seems easily the cheapest option, you will always have better piece of mind when buying a brand new one. Whether you are lending the money or paying the car off in one go, you will be under warranty for a time, and this is crucial in case anything should happen.

Similarly, we need to look at maintenance and how well the vehicle has been looked after. Are all of the parts old or have some been replaced? Is the paintwork covering any dents or rust? Can you see the car aging quite a lot from either the inside or outside?

Age and mileage

Obviously, this only counts for a used car but it’s important to know how many owners there has been of a car you’d be interested in, how old the car that you want should be and what sort of mileage you are happy to see on the clock.

Paperwork

In the bureaucratic day and age that we live in now, paperwork is something that is needed for everything – whether you’re sorting the daily papers or buying a car. Making sure that a used car has all the details of its history is crucial in understanding whether it should be consider for purchasing or not.

Depreciation

Nearly everything loses value over time, and when running a car this is often known as the single biggest cost. Keep in mind that the biggest drop comes within the first year, so in the current climate it may well be worthwhile to cut your losses and get a used car which won’t depreciate as much.