Should I Buy a New Car or a Used Car?
Whether you’re out searching for your very first car or are looking to upgrade to something bigger, newer, or with more features, you will be faced with the ultimate dilemma of committing to a new car or a used car. Does your need for that new car smell overpower your need to save thousands of dollars? But those aren’t the only considerations, so we’ve made a list to help you measure whether a new or second-hand car is the right choice for you.
BUYING A NEW CAR
- When purchasing a new car, you are paying a little extra for peace-of-mind. You can drive a new car with confidence, knowing that your vehicle is safe and reliable.
- New cars are less likely to be affected by mechanical issues, and if you do face issues, you know that your vehicle is still covered by a warranty. Any service issues will be covered, and you’ll save money in the long-term.
- Don’t forget about that new car smell! But over and above that, buying a new car also means that you are able to custom-pick the car’s accessories, additional settings, and colour.
- You get to show off your brand-new ride to your family and friends. A new car will increase your confidence, but for the most part, this comes at the cost of negatively impacting your wallet.
- It’s common knowledge that buying a new car is also a terrible investment, with the book value dropping the second you drive your new car off the dealership lot.
BUYING A USED CAR
- The most obvious pro is that you’re going to save a lot of money settling for a second-hand car over a brand-new car. And you’ll feel like you’ve hit the jackpot if you find a car that is only a few years old with a low kilometre reading on the odometer.
- Another positive in buying a used car over a new car is that you might be able to afford a few fancy extras that you wouldn’t be able to afford if buying new. Buying your preferred car model – but second-hand – will mean that luxurious extras, like leather interiors and hi-tech sound systems are more accessible.
- The missing knowledge of your vehicle’s history is a major pitfall. The service history won’t tell you everything, and you won’t always know how old specific parts are, or which areas of the car need to be handled with a little more care.
- The older your car is, the less fuel efficient and less reliable it will be.
We hope that you found value in reading these pros and cons about purchasing new cars versus used cars. Now that you’ve measured the pros and cons – and maybe considered a few others not listed here – what will your next vehicle be?