There are multiple considerations when looking to purchase a new or used car. Each comes with pros and cons. When choosing between a used or a new car, you should weigh up the pros and cons of each of these aspects.
A new car is more expensive; there aren't many used cars that would be more expensive than a new car unless they’re prestige or classic cars. The difference in the price of a used and new car depends on how old the vehicle is, the make and model, and its condition. Generally, if a used car is in almost “as new” condition, you could save about 20 per cent compared to the price of buying the same car new. To get more information about the difference, you can check online for a new and used car price guide.
If you decide to buy an older car, the options are often limited to the makes and models on the market, which means you have less choice. If you have a particular make or model in mind, you may not find the type of car you want. If you find one that suits your requirements, you may have to spend extra to get all the features you want or miss out on them. When purchasing a new car, your choice is not limited. You can usually find the make, model, and colour you want quite easily just by shopping around. Your preferences on make and model would likely play an important role when making the decision to buy a new or used car.
Checking the condition of a used car before purchasing it is important to ensure there is no trouble in the future. Although you can refer to checklists, if you’re buying a used car for the first time or aren’t that knowledgeable, you may not know what to expect. On the other hand, when you buy a new car, you don’t need to worry about its condition because it’s brand new and comes with a warranty. So if any issues arise, you’re likely covered.
Lenders offer auto finance to purchase both new and used cars. However, the terms they offer differ between a used cars loan vs. new car loan and are often determined on a case-to-case basis. Generally, it’s easier to finance a new vehicle via a loan. Used vs. new car loan rates are also different. Lenders often provide a lower rate when financing a new vehicle compared to a used car. If you require finance to make your purchase, you should check the terms and conditions of the loans and the differences when it's a new or used car to decide.