Whether you're buying your first car or looking to upgrade, the biggest question is always: should you buy a new or second-hand vehicle?
Each has its own pros and cons and what may suit one person may not be ideal for another.
There are many different factors that you will need to consider when making your final decision and we will unpack these in this article.
Let's begin with the benefits of buying a new car.
Benefits of new
First and foremost, new cars don't have a previous owner. As such, they should come with an extended warranty and could be considered to be more reliable than used vehicles.
Furthermore, car manufacturers are constantly upgrading and improving the technological features. So, by purchasing a new car you will be able to take advantage of all the benefits that come with having the latest technology. That could be anything from advanced safety features to fuel efficiency and lower emissions, which could save you significant dollars over the years.
Disadvantages of buying new
While there are many benefits associated with buying a new car, there are also a few disadvantages that you need to be aware of before heading down this path.
First, a new car is likely to be far more expensive than a used vehicle. In addition, new cars lose value as soon as they hit the road, with much of the depreciation occurring during the first three years.
Furthermore, some car manufacturers may want you to have your vehicle serviced at the dealership in order for the warranty to be valid. This could potentially be more expensive than the servicing fee charged by your local mechanic
Benefits of used
Meanwhile, if you purchase a used-vehicle, you can use any mechanic you like.
In addition, a used vehicle is likely to be cheaper. If you are going to buy used however, it is imperative that you give any car a thorough once over before parting with your cold-hard cash.
In addition to taking the car for a test drive, make sure you have a friend, family member or mechanic you can trust look at the car as well.
Do your research on-line and make sure the asking price is in line with market expectations. You don't want to pay too much (or too little) for your second-hand car. If the car is really cheap, it could be that there is something wrong with it, so make sure you do your due diligence before making any decisions.
As you can see, there are pros and cons to buying either a new or used car, so you should weigh these up and base your decision on what will work best for your budget and circumstances.