In 2017, there were more than 34.7 million cars on British roads and this figure is continuing to grow. With larger numbers of Brits buying cars, this means they are all faced with the same question: should they go for a used car or invest in a new one?
Whether you have owned several cars or are looking to buy your first, deciding between used and new can be tricky. To help you decide which route to take, here are the benefits of both.
Choosing to buy a new car from the likes of Peter Vardy can come with numerous perks, including selecting the spec and a manufacturer’s warranty.
Select Your Spec
One of the biggest appeals of new is being able to design your own car. From choosing the exterior colour to selecting between basic and luxurious trim, you can get the exact vehicle you want. Additionally, you can also take your pick from add-on extras and tech packages.
A Free Manufacturer’s Warranty
Nowadays, warranties on new cars can vary, with standard policies that cover three years to extended that last around seven. These usually have a cap of around 100,000 miles. Providing peace of mind, a manufacturer’s warranty is a guarantee that parts and repairs will be carried out on your vehicle, should something go wrong – though this usually does not include wear and tear.
Enjoy the Latest Technology
From the newest gadgets like a touchscreen infotainment system and automatic safety features such as pedestrian detection and emergency braking, buying a new car can mean enjoying the latest technology. Furthermore, with the latest environmentally friendly and economical engines, a new car could cost less to run.
While new cars have their advantages, used cars also offer their own perks, particularly when it comes to pricing.
It is a widely known fact that new cars can depreciate quickly – on average, new models can depreciate by half of their value within their first three years. As such, by buying a used car, you could make a big saving, even on nearly new models.
Cheaper Car Insurance
There are many factors that can alter the price of your car insurance renewal, including your address, your age and how many years no claims you have. Additionally, the age of the car is often taken into consideration. Generally speaking, the newer the car, the more it is worth and therefore, the higher the insurance cost. As such, a used model could mean cheaper insurance.
Lower Monthly Costs
You may be planning on buying your car upfront, but if you would like to get a car on finance, used offers benefits here, too. You can still find a range of finance deals on used cars and because these are lower in price, your monthly payments could be cheaper.