Should I buy a new or used car? The experts explain

It's natural to wonder if a new or used car is the best option if you're in the market for a new ride. If you're trying to make a decision about whether to buy a new or used car, you should give some thought to the pros and cons of each. If you're asking yourself, 'should I buy a new or used car?' this guide will point you in the right direction and help you get a great deal on your first car.

Buying a new car

When you buy a brand-new car, you become the very first person to ever drive it. If you choose to buy a new car, you'll be driving the most up-to-date model available. Furthermore, it will be protected by a manufacturer's warranty and exempt from MOT testing for the first three years.

While they may be more aesthetically pleasing, they typically cost more and depreciate faster than their used counterparts. Let's look at some more of the pros and cons.

Pros of buying a new car

The following are the pros of buying a new car:

Prime ownership

The thrill of being the first owner of a brand-new car can be enough to sway your decision in favour of a new model over a used one. There's a certain air of superiority that comes with driving around in a shiny new car. Many people find comfort in and pleasure from the new car smell. It's important to think about new cars since they come with state-of-the-art safety features and implement the latest technologies to make the driving experience more comfortable.

Customisation to the individual's needs

After selecting a new car, you have the unique opportunity to personalise its appearance and performance to suit your needs. You have complete freedom to select the options that suit you best. This includes picking out the paint job, determining which optional extras to include, and installing the most advanced safety features.

Complete coverage under the manufacturer's warranty

If you're trying to decide between buying a new or used car, know that prime ownership of a brand new car can get you the full manufacturer's warranty until the end of the registration period. If a problem arises after you buy the car, you will benefit from having complete coverage.

Three years without an MOT

When buying new cars, you can forget about the need to get an MOT until three years after the first registration.

Disadvantages of buying a new car

The following are the cons of buying new cars:

High upfront cost

The hefty upfront cost required when buying new cars is the primary drawback people encounter when purchasing a new vehicle. Compared to used cars, new cars are always more expensive. The buyer of a new car is obligated to accept the depreciation in value as part of the deal.

Additional waiting time to get the desired model

You'll have to hold out for the exact make and model you want if you have to choose between buying a new or used car. How quickly a car company can get a new vehicle to market may fluctuate from model to model.

Costly premiums for car insurance

The insurance premiums can vary depending on the model you have selected as well as the cost of new cars and replacement parts. When deciding between a new and a used car, this is an important factor to consider.

Depreciation

A new car's value gradually decreases from the moment you drive it home from the dealership, which can be a setback. This is the biggest argument against buying a new car. As soon as you remove it from the showroom, its value will start to decline. By the end of its third year, the value of a brand-new car could have dropped by as much as 60%.

Buying a used car

Used vehicles are those that are owned by someone other than the original purchaser and have been driven more than the initial mileage threshold set by the manufacturer. There is a wide range of quality to be found in used cars, from "almost new" ex-demonstrators with a few hundred miles on them to well-worn workhorses with five owners and 100,000+ miles on the clock.

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Used cars are less expensive to purchase than brand-new ones, but you shouldn't expect a guarantee and should plan for MOT tests. Let's look in detail at the pros and cons of driving one.

Pros of buying a used car

The following are the pros of buying a used car:

Significant cost savings

Buying a used car has the potential to save you a significant amount of money over purchasing a brand-new car. You can also try bargaining with the dealerships selling the older car models for a certain price.

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Options for a wide selection of cars

You may find a wider selection of used automobiles that meet your needs and preferences than you would if you spent the same amount of money on a new car. Therefore, you can save money by buying a used car, even though it is an older model.

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No waiting is necessary

If you want a car right away, you should look into buying a used one. Instead of waiting for your specific model to come out, you may get all the features you want on a used car that is mechanically identical to your preference.

Reduced depreciation

If you're going to buy a used car, you should try to get one that depreciates less than average. Older cars are easier to buy because their prices drop over time.

Cons of buying a used car

The following are the cons of buying a used car:

Warranty issues

Buying a used car can mean settling for a shorter warranty or, in the case of an older model, no warranty at all. Therefore, you need to be smarter in negotiating a fair price for a used car.

Prone to frequent breakdowns

Buying a used car requires extra caution since, depending on the car's history and the quality of its maintenance and the way it was used by previous owners, it may present ongoing problems. Even if you don't know everything there is to about the car, you need to inspect it thoroughly before buying it.

MOT

If you buy a used car from any car dealer, you may have to shoulder more of the cost and burden of maintaining the vehicle. An MOT is not necessary when buying a new car, but when used vehicles age and reach three years of registration, it becomes necessary to take them through an MOT service test. Therefore, if you buy a used car, you need to be more careful in every way possible regarding paying the annual upkeep.

Safety concerns

You need to be more mindful of the regular testing and servicing your car requires so that you can keep track of any changes in the car's condition and repair them accordingly.

Is it best to buy a new car or a used car? Five tips to help you decide

If you're debating whether to buy a new or used car, you should be just as concerned about the quality of the vehicle as to whether it's the cheapest option you can find. The choice between a new and a used car is one of the most important aspects of car hunting. If you want to make the right decision when picking out a new or used car, consider the following tips.

• You can modify a new car to reflect your unique sense of style.
• You can choose a new vehicle based on how well it meets your needs, as each model offers a different set of options and capabilities.
• When you acquire a brand-new car, you'll be the first owner, and that might make you feel special every time you get behind the wheel.
• You can take advantage of free maintenance and repairs up until the end of the registration period since a new car comes with a warranty from the manufacturer.
• A new car, with its shiny exterior, gleaming interior, and pristine mechanicals, can make you feel like a million bucks.

After considering everything, you should decide in favour of buying a used car if any of the following points apply to you:

• If you're looking to save money, buying a used car is a far better option than leasing or financing a new one. The downside is that the amount of personalisation you can do to your car since is much more limited.
• Buying a used car can enable you to save money so that you can purchase a new car in the future with improved features.
• You don't have to hold out on buying a car because the same car, in used form, may be readily available for a lesser price.
• You must be aware of the potentially high costs of upkeep. If you're more concerned about saving money on the purchase price, then the maintenance costs won't matter.
• The paperwork can be done quickly. It is possible to lower your tax burden and arrange car insurance so that you are free to drive whenever you like.

Summing up

It's important to purchase a vehicle from a reputable dealer, whether you're looking for a brand-new or used vehicle. If you're in the market for a new car, you should take the time to narrow down your desired make and model before shopping around.

To receive the best advice in selecting an option, get in touch with Carplus right now! Get the most competitive rates and lowest possible monthly payments for a car loan.