Used Cars Vs New Cars: Which Are Better Value?
Which are really better value – used cars or new cars? This guide compares the costs of each.
Purchase price
If you haven’t got much money to pay upfront, a used car is likely to be the best option. You won’t find a new car on the market for less than £6000 (the Dacia Sandero is currently the cheapest) and such vehicles may not have basic mod cons such as air conditioning or even a radio. When buying used, you may be able to find a car with these mod cons for less than £1k.
Even when it comes to high end cars such as land rovers, you can still save money by buying a used land rover. In such cases, buying from an official dealer could offer better protection.
Reliability
Buying from a reputable dealership will guarantee you a reliable car that doesn’t break down on you without prior warning. When choosing whether you want a new or new car, you may want to consider what you’re using it for. Traveling long distances may require you to buy a vehicle that has done fewer miles. Choose Ford Motability for a trustworthy and stylish ride that will get you from A to B in a reliable fashion. You can even trade in your mobility allowance for a lease on a vehicle that will help you in your day to day life. There are a number of different options to choose from so you can be certain you’ve made the right decision.
Depreciation
Used cars also depreciate less than brand new cars. Some new cars lose as much as 40% of their value in the first three years. Vehicles over 10 years depreciate at a much slower rate, allowing you to sell them for more. In fact, some used vehicles such as vintage and antique cars can gain value.
Fuel
Newer cars tend to be much more fuel-efficient. In fact, some modern family cars do as much as 50 miles to the gallon. If you’ve got lots of long journeys planned, you may find that a new car saves you some money compared to an old used car. That said, not all used cars are inefficient when it comes to fuel – it depends very much on the age and the model.
Maintenance
You’re also likely to spend a lot less in short-term repairs with a new car. The more used a car is, the more likely that parts will be worn. In fact, it’s not uncommon for most owners of used vehicle to pay more in repairs than the value of the car.
Certain models may have a better track record when it comes to reliability – if you’re buying a used car, you could save money by buying one of these models.
Insurance
The age of a car can affect the insurance costs. Brand new cars can be very expensive to insure because they pose a greater risk of car theft. However, very old cars can also be expensive to insure – the greater risk of parts failing can mean a greater risk of being in an accident. As a result, you’re best looking for a gently used car when trying to lower the cost of insurance.
This is a collaborative post.
