Are you shopping for a car? If yes, the big question is, should you buy a new or used car? Both options have merits and demerits, as discussed in this article.
Pros and Cons of Buying New Cars
A new car is everyone’s dream as it will come with the latest features. Besides, getting financing and insurance is easier if you are going for a new car. Lastly, a new car will serve you better as it is fuel efficient and hasn’t taken any abuse. Therefore, you are guaranteed that everything is in order.
The only problem with buying a new car is that it will cost a lot. You will also take a massive blow in terms of depreciation, as much of the depreciation occurs in the first few years.
Pros and Cons of Buying Used Cars
The advantage of purchasing a used car is affordability. For example, a 2022 KIA Sportage will set you back a cool £27,000, but if you go for an older model, say a 2015 model, you can get it at half the buying price of a new one. The insurance costs are also significantly lower.
On the downside, a second-hand car will have worn-out parts. You will definitely need to get some replacement parts in the near future, unlike a new car whose parts are brand new. Besides the wear and tear, the maintenance costs are higher, especially when it comes to fuel efficiency.
That’s it, folks, a round-up of the advantages and disadvantages of buying a new or used car. So what’s the best option? Well, a new car is the best option if you are not on a budget. However, if you are on a budget, go for a used car but make sure you are dealing with a trusted second-hand car dealership.