When you need to buy a new car, it can be a difficult choice – do you spend more on a new car that offers reliability and efficiency? Or opt for a used car that may be less reliable but is also a fraction of the cost for the same model?
One of the nicest things about buying a brand new car has got to be that you can really put your stamp on it and make it your own. Pick paint colours, internal trim, external trim and all the mod cons inside the car to make your driving experience easier. Want heated seats? No problem. DVD player for the kids? Anything you need. Unless you buy a new car you will never get a car that ticks every single box.
Another clear tick in the 'pro' category for new cars is reliability and warranty. The two tend to go hand in hand as when a new car breaks down or something stops working, the warranty will pay for it to be fixed or, in some circumstance, a new car provided. Most new cars come with at least three years' warranty, although some do come with extended warranties – such as Kias which boast protection for seven full years. That really does offer peace of mind, especially in the tough financial climate when a car is a major purchase.
Not only will new cars not have to undergo an MOT for three years, as they will be jam-packed with the most up to date tech they are also likely to have better running costs, better fuel economy and a higher residual value than older cars. Safety must also be considered, as new cars are likely to have all of the latest features to make sure drivers and passengers are as safe as possible in a crash. However, as safety features have been standard for several years, modern used cars will be equally as safe.
Along with the all the positives, unfortunately, come a few negatives. On of the infamous drawbacks of a new car is depreciation. As the old adage goes, as soon as you drive off the lot you wipe a chunk of its value off. On average most new cars lose 40 per cent of their value in the first three years. However, as cars become more significantly more fuel efficient than their predecessors, this figure is falling.
Cost-wise, one of the big draws of new cars is that, in some cases, you can get interest-free credit. If money is a problem this can make a new car more accessible than a used car. New cars are also likely to have higher insurance premiums and registrations costs than older models, but this is balanced against the lower cost of repairs and MOTs. That said, when paying in cash, it is possible to get a much higher spec, or more powerful version of the car you are after if you buy second hand. It's possible you may even be able to upgrade a whole class by opting for a used car.
However, one of the biggest drawbacks of used cars is that they are relative unknowns. You can have a log book, a full service history or even buy it from a dealer but there are no guarantees if it develops a major fault or conks out just months after your purchase. As such, used cars can be less reliable than new models.
Although it is entirely down to personal choice, budget and circumstances, the arguments for buying a new car are convincing, especially if you are planning to keep it for some time for depreciation is less of a concern. New cars offer peace of mind, something money cannot buy.