When the time comes to buy a car, many motorists wonder whether it is best to buy new or used. This will always depend on the individual and their circumstances, but it is helpful to outline what the main benefits and drawbacks are so that motorists can find the best option based on their situation.
Why Buy New?
The most obvious benefit of buying a new car is that it will be fresh from the factory with no mileage on the clock or any wear and tear. In addition to this, buying new also means that you are getting a car with all of the very best and latest tech and features. On top of this, you also benefit from the manufacturer warranty when you buy new so you do not have to worry about the cost of repairs.
Drawbacks of Buying New
The main drawback of buying new is that they can cost a lot more than buying used, which means that you get less for your money and the monthly costs can be very high when you factor in the running costs. In addition to this, cars depreciate by the most when they are new and can lose as much as a third of their value after just one year. On top of this, the chip shortage means that you could be waiting for a few months before you get your car.
Why Buy Used?
Buying used is often the best option because the cars are more affordable and you can get more for your money. Additionally, you can usually find cars that are nearly new so they are much more affordable but have the same benefits as buying new. When you buy a used car, you will also avoid the biggest depreciation hit so you will lose less money if you decide to sell.
Drawbacks of Buying Used
There is always a slight risk when you buy in the used car market, which is why you should only ever buy from a reliable used car dealership, carry out a thorough examination and educate yourself on used car scams. You may also be without warranty protection depending on the age of the car, so you may need to take out an extended warranty if you want protection.
Hopefully, this article will help you to arrive at the right decision. It will always depend on the individual and their circumstances, but being aware of what the main benefits and drawbacks of buying new and used cars are should help you to find the right option for you and make the right decision.