If you’re in need of a new car, then you’ll have a dizzying array of options to choose from. If you’re looking to save money, and to enjoy the greatest possible selection, then you might be tempted by the used market. But before making this choice, you might want to think about the key differences between buying used and buying new.
The Initial Outlay: Price and Depreciation
New cars are notorious for depreciating rapidly during the first few months and years of their time on the road. Depending on the model you pick out, you might end up losing thousands, or even tens of thousands, before the first year is up.
This tends to be reflected in the asking price of a used car. Since these vehicles have already suffered the most significant depreciation, they command lower prices. It’s worth noting, however, that depreciation affects some cars more than others. If you’re investing in a used classic car, then you might even find that the asset gains value as it sits in your garage.
Running Costs: Beyond the Sticker Price
As well as the amount you pay for the vehicle itself, you’ll also need to worry about the ongoing costs required to keep it on the road. Cars need to be fuelled, insured, taxed, and serviced. Certain older vehicles might be so inefficient that they end up costing extra in the long term, even if the sticker price is very appealing. Make sure, therefore, that you consider every aspect of your spending before you make the investment.
Reliability and Peace of Mind
Some vehicles will require frequent repairs. Leaving to one side the cost of getting a vehicle back onto the road, it’s worth factoring in the inconvenience of having it break down in the first place. This goes especially if you have to spend time stranded, waiting for a recovery vehicle.
New cars (and many used ones) come with warranties that will protect you from some of the costs. In cases where you’re buying used, you might also take a close look at the vehicle itself – or have a willing mechanic do it for you.
Look for used cars being sold near you, so that you can conveniently inspect them in person. If you’re based in Yorkshire, for example, you might look for used cars in Sheffield.
Choice and Features: Getting What You Want
When you buy a new car, you’ll often be able to customise it to fit your needs. If you want certain features, and a certain colour, then you’ll be able to simply ask for it. While the used market offers a variety of makes and models, tracking down one that precisely aligns with your needs might be slightly more difficult.
Environmental Impact and Modern Considerations
It might be that you’re worried about the impact your choice will have on the natural world. The fact is that, for most motorists, second-hand vehicles tend to be greener, because the environmental cost of building a car is so high. However, if you’re putting in a lot of miles, then the lower emissions of electric and hybrid options might actually be a pivotal factor in your decision.
