After passing your test, you’ll obviously be keen to get your first car as soon as possible. However, the sheer amount of choice on the market can make it difficult to know what to go for. One of the first decisions you need to make is whether you should invest in a new or a used model.
To make your decision a little easier, below we’ll compare new and old cars to establish which is right for new drivers.
New Car/Used Car, Which is More Affordable?
Now initially, you’d assume a used car would be the most affordable option. However, this isn’t necessarily true. These days, there’s a lot of excellent deals on new cars, with most available on low-cost finance deals. Even those with bad credit can benefit from car finance, helping them to afford a new car that they otherwise could only dream of.
So, if a finance deal is available on a new car, surely that would be the better option? Wouldn’t it be better to be able to buy a new car instead of a used one if the cost is sometimes more affordable? What you need to consider is the long-term implications of new car finance.
The price you pay back will be much higher than if you were to buy outright. You’ll also be stuck paying the finance for 2-3 years, potentially more. So, you’d have to make sure you’re investing in a car you won’t mind keeping hold of for years.
You can also buy used cars on finance and these can work out much cheaper overall compared to new. You’d pay the finance off faster than a new car and the repayments would typically be a lot lower. You can find fantastic deals on popular used models at dealerships such as Motorpoint Limited.
Other Comparisons
Whilst the cost of the car is obviously going to be the biggest factor you take into consideration, there are a few other things to think about too. For example, if you buy brand new, you’ll get to choose specifications to suit your preferences. There’s also the safety to consider.
Buying a used car can be risky; especially if you buy from a private seller. However, if you buy from a reliable dealership, you’ll find many offer extended warranties. This gives you just as much peace of mind as you would with a new model.
Overall, when it comes to choosing between a new and a used model, new drivers would typically be better off with a used car. They’re cheaper, not just to buy, but to insure too depending on the model. They’re also just as reliable providing you buy from a reliable dealer.
