When it comes to car buying, there are lots of different factors to consider, and one of the biggest is whether to invest in new cars or stick to used cars. While there are pros and cons to both choices, making the decision can be challenging.
In this article, we’re aiming to make the decision a little easier by exploring both options more closely. Take a look below now to find out more.
Things To Consider When Purchasing a Car
To begin with, there are a few things that you should be considering before buying a car. Each of these factors can have an impact on your outgoings as well as the longevity of the car. We have summarized a few of the key considerations you need to make below.
Your Budget
The amount that you can spare on a new car is integral to the kind of car you buy. Obviously, new cars are more valuable and so cost more than used cars. If you are buying outright, you need to consider how much you actually want to spend on the car before beginning your search.
If you are looking to pay for your car via a car loan, then you need to work out how much you can spare each month for repayments. From here, you can find many loan payment calculators online to get an idea of the kind of car you will be able to afford with your loan.
Maintenance of a New Car or a Used One
Maintenance is an added cost that people rarely think about when hunting down a new car. While new cars are likely more expensive, they require far less maintenance than most used cars.
When purchasing a used car, it is incredibly important to get as much history about the car as possible. This way you can find out about any regular maintenance it has had, any collisions or accidents that required lots of repairs, and the number of miles already on the car. Try to choose a car that will require less maintenance if you’re aiming to keep costs down.
In-Car Features
Cars are getting more and more technological now, with a range of in-car features. If this is something you are interested in, you’re better off opting for a new car as it is more likely to have the most up-to-date features. If you aren’t as bothered by fancy features in your car, then a used car will suit you just fine.
How Long Does the Car Warranty Last For?
The warranty of a car is a period in which the manufacturers will cover you for certain repairs. Typically, it is about 3 years and covers you with defects too. If you buy a new car, you will get to enjoy the entire warranty yourself, and even some gently used cars will still be under warranty. However, a much older car will not have a warranty for you to take advantage of.
In some cases, you will find that used cars are part of a warranty protection scheme via the dealership. Look out for these, as they can be very beneficial to you.
How Long Are You Planning To Keep the Car For?
People tend to have many cars during their lives, and as your circumstances change, so too will your car. When buying a new car, it is important to consider how long you plan to keep it. If it is a short-term car, you could probably get away with a gently used car, but if you want to keep it for a good few years, opt for a new model.
Getting a Used Car
If you’re leaning towards getting a used car, you may want to know the pros and cons of this decision. We have laid them out for you below to help you understand how this decision would work out.
The Advantages of Getting a Used Car
- More affordable
- Dealerships often offer warranties for used cars too
- The resale value is unlikely to change too much
The Disadvantages of Getting a Used Car
- Maintenance costs are likely to be much higher
- May not last as long
- May not be able to find the exact car you want, i.e. wrong colour, not as many in-car features, etc.
Getting a New Car
There are many advantages to buying a used car, but that doesn’t mean you should disregard new cars either. Below, we have explored the pros and cons of buying a new car instead.
The Advantages of Getting a New Car
- Much easier to find the car you want
- Getting a car loan could be easier
- Is less likely to breakdown or need costly repairs
- Has more technological features
The Disadvantages of Getting a New Car
- The value of new cars drops significantly in the first year of driving
- Much more expensive upfront
If You’re in Need of a Loan for a New/Used Car, Contact Car Loan Masters!
Whether you’re looking at new or used cars, Car Loan Masters is here for you when you need an auto loan. We’re a car finance and loan company in Markham and we’re proud to offer speedy car loans, even to those with low or no credit. Get in touch today to find out more about our services.