Are you looking to swap things around and get a different car? Are you struggling to work out whether you should buy a new or second-hand model? Then you’ll want to read this post carefully and consider all the pros and cons of each. Depending on your circumstances and finances, there are many reasons you might choose to focus on either group. As you will learn throughout the course of this article, sometimes it’s best to buy new, and sometimes you don’t need to worry about all that expense.
With that in mind, grab yourself a hot drink and kick back for the next few mins as we explore all the options on the table together. The conflict has been going on for a long time, but today, we’re going to get into the nitty-gritty of New Vs Old.
THE BENEFITS OF BUYING NEW CARS
So, there is no getting away from the fact that you’ll experience lots of benefits if you choose to purchase a brand new model from a local dealership. In this section, we’re going to take a look at some of those benefits and discuss them together.
SAFETY
New cars come with some of the best and most advanced safety systems in the world. You are far less likely to become injured in a new model compared to one that’s been on the road for more than five years, according to experts who research car accidents. New models should come with airbags as standard, but there are plenty of other tools and features too. Brake-locking devices, parking cameras, and seat belt sensors are all commonplace these days. That means you can rest assured that your family is as safe as possible on the roads.
CUSTOMIZABLE
A lot of people overlook this fact, but most new cars available today are fully customizable. You can pay for added extras and tailor the vehicle to ensure it’s exactly to your liking, and that’s a major benefit if you choose to keep the car for many years. You can also arrange different paint jobs, better wheels, leather interior, and engines upgrades for a fee. So, if you want a car built to your specifications that you can keep for the long-term, buying new could be a wise move.
LOWER INSURANCE RATES
While it isn’t always the case across the board, in most instances, insurance companies will offer lower quotes for new cars than they do for old ones. The vehicle is less likely to experience issues, and so the chances of you claiming on your insurance policy decrease. You’ll need to get some quotes online ahead of time if you want to make sure the insurance rates come down enough to make a real difference, but this is still one of the reasons many people choose to buy new vehicles.
THE DRAWBACKS OF BUYING NEW CARS
Just as there are many benefits to buying new cars, there are many drawbacks too. We’re going to explore some of them in this section, so we hope you’re still paying attention!
EXPENSIVE
Unfortunately, new cars are very expensive these days. Sure, you might be able to get the cheapest model on the market for $20,000 or a similar price, but that isn’t going to be the safest or best-made automobile available. Most people have to apply for loans or take finance deals if they purchase a new vehicle, and that often means dealing with significant monthly payments for many years. Unless you have a lot of money saved in the bank, buying new could place an extra strain on your life, and so you need to think about it carefully.
IMMEDIATE DEPRECIATION
Another drawback everyone experiences when purchasing a new vehicle is immediate depreciation. There is no getting around this, and it’s why you should never buy a new car if you plan to swap it in only a couple of years. The moment you drive your new ride off the dealership forecourt, it loses thousands of dollars in value. Let’s say you purchase a new Range Rover for $50,000. You wake up at home the following day and decide you want to sell it privately. You’ve only had the vehicle for 24 hours, but you’d still struggle to sell it for more than $40,000. So, you lost $10,000 overnight. Not ideal, is it?
INCREASED THEFT POTENTIAL
Like it or not, criminals are often rather knowledgeable people, and that is especially the case when it comes to people who steal cars. While the police do their best, and nobody wants to alter their life just in case something bad happens, it’s true to say that you are far more likely to experience a theft if you buy a new car. Almost three-quarters of a million cars were stolen in the US last year, and many of them were the latest models. A criminal isn’t going to risk going to prison for an old car that’s only worth $1000, but they will for a new one worth $70,000.
THE BENEFITS OF BUYING OLD CARS
In this section, we’re going to take a look at all the benefits you can expect to encounter if you choose to purchase a decent second-hand vehicle from the used market. Consider these before making your final decision.
LOW COST
You can get some fantastic deals on second-hand cars these days if you shop around. You just need to decide on a budget and start searching online. It’s possible to buy something that will get you from A to B for only a few hundred dollars if you shop around, but there’s no harm in spending a little more. Some people purchase brand new models and swap them every couple of years. That means you could get something only a few months old on the used market for thousands of dollars less than it would cost brand new. Immediate depreciation works in your favor.
MORE CHOICE
People who choose to purchase a second-hand car will have far more choice than those looking to buy brand new. You have the option to purchase almost any model made during the last sixty years if you shop around, and that’s thousands of different models. Maybe there’s a particular car you loved as a kid that you’d like to own? Perhaps you’re into classic cars? The possibilities are endless.
EASIER TO BUY
There is no getting away from the fact that second-hand cars are easier to purchase than new ones. If you want a new model, you have to visit a dealership, discuss optional extras, sign lots of paperwork, apply for finance, and more. However, if you choose to purchase a used car; you don’t have to do much other than hand over the cash. Simple, right? You could leave your house right now, visit some used car sellers, and come home in an hour with a different ride. It’s that straightforward when it comes to buying second-hand.
THE DRAWBACKS OF BUYING OLD CARS
Just as there are many benefits, there are also many drawbacks to buying used cars, and we’re going to take a look at them now. Don’t worry, you’ve almost made it to the end of this post, and you should be in a position to make an informed decision in just a moment.
UNCERTAINTY
One of the worst things about buying a used vehicle is that you always encounter an element of uncertainty. Sure, the car might appear to have all its paperwork in order, but do you really know its entire history? In most instances, it’s impossible to tell exactly how a car was treated before it came into your possession. So, there is always an element of luck involved in the process. You might end up with something that is going to fall apart in only a few months, but you might also end up with something that will last you for the next decade. You’re essentially flipping a coin.
LESS ECONOMICAL
Finally, it’s reasonable to assume that older cars are less economical. The Governments of the world put a lot of pressure on car manufacturers to make cleaner engines these days that don’t cause as much pollution as they once did. As a result, there are lots of models you can purchase now that use far less fuel than they did in the past. If you choose to purchase a classic car or something similar, there is a chance you will have to spend a fortune on gas every month. That isn’t an issue for some people, but you’ll need to consider it when planning your budget.
From the information in this article, you should now have a decent idea of which option is the best solution for you. Consider all the points made above, and it should become clear whether you should purchase a new or old vehicle. There is lots more information on this blog if you want to read more before you leave us today, but hopefully, you now have everything you need. The final decision is down to you!
Photo Credit: BMW
