Are you in the market for a car? It’s an exciting time, filled with possibility. Whether it’s your first or next car, there is a particular joy in inserting your key in the ignition for the first time and driving it away, comfortable in the knowledge that it is all yours.
But buying a car also means you are faced with choices. It doesn’t matter if you’re considering purchasing a sports car or family SUV – you have options to choose from. You need to decide what make and model is best for you, whether you finance the purchase or buy it outright, and also if you buy new or used.
In this helpful article, we’re going to explain why buying a used car is not always the best option. Read on to find out more.
You Could Be Buying Someone Else’s Problems
When you buy a used car, you’re also purchasing the possibility that the seller is selling it or has traded it in because it has some serious mechanical issues. In a perfect world, these would be disclosed upfront – but not everyone is honest. Buying a used car can be a roll of the dice where if you roll snake eyes, you end up inheriting a vehicle that has some significant problems. These can be expensive to rectify, and a car purchase is often costly enough as it is. Don’t take the risk and buy new.
New Cars Come With Warranties
Buying a new car means that it is guaranteed to come with a warranty. These days five, or even seven-year warranties, are the norm. This means that the manufacturer is ensuring their product’s quality by promising to repair or replace the car should any major fault emerge. This gives you years of peace of mind as you drive about. While a warranty repair means you need to take your car into the dealership to be inspected and fixed, the only thing you lose is access to your vehicle while it’s in the shop.
If you bought a used car and it needed repairs, you would be without a vehicle as well as out of pocket a significant amount.
Newer cars have improved ANCAP safety ratings. This means that should anything happen to you while you were on the road (however unlikely) you and your passengers would remain as safe as possible.
When buying an older car, especially one that is more than five or ten years old, you need to know that they are not as safe as newer models. Is it worth putting yourself and your passengers at risk by buying an older model?
Better Resale Value
A newer car will still depreciate when you drive it off the lot, but chances are it will retain a good amount of resale value should you choose to sell it a few years later. When buying used, you’re buying an already significantly depreciated asset. You can always sell a used car, but it will have depreciated even more than if you were to sell a vehicle you purchased new.
A Car Buying Conclusion
Buying a new car is a better choice than buying a used one. When buying used, there is always the chance that you are buying someone else’s problems. New cars come with warranties that usually last between five to seven years. New vehicles also have improved safety ratings and features. And finally, a new car, while a depreciating asset, will still have a better resale value than a used one.