Pros and Cons of Buying a New Car

January 21, 2015 • Tech

Is there anything better than the smell of a new car? Or that perfect, unscratched finish? Maybe not, but just because it smells and looks irresistible, doesn’t mean you should necessarily buy new. Chances are buying a car is one of the biggest investments you’ll make in your life, following closely behind your home. As such, it’s important you take the decision seriously and consider whether a new car is really the best option for you. Here are the pros and cons of buying a new car:

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1. You Know What’s Happened To It

Depending on where you live in the world, you might be able to get a full rundown of all the work that has happened on the car. Even then, it’s impossible to know exactly what has happened to the car, which can make you a little uncertain of how well it will hold up in a big crash if it’s already been crashed before. It’s a good idea if you do choose to buy secondhand, that you ensure that a mechanic takes a thorough look for any signs of damages, as well as looking up the vehicle’s history online.

2. The Price Difference

Obviously new cars are a lot more expensive, but you’ll find that new cars do a LOT of depreciation in the first 5 years. After this period it’s possible to buy a relatively new car, but for some $10,000 cheaper, depending on the make and model of the car. Financially cars are a poor investment, but even more so when they’re new and depreciating more rapidly. Cars that are 5 years apart have many of the same features, so you might find you get a lot more bang for your buck buying outside of this car age.

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3. No Need to Replace Anything Soon

When you buy secondhand, you might not be so lucky. As such, I suggest if you’re buying secondhand to be mindful of when the cambelt and the car battery will need to be replaced, Make sure you check car battery prices in Hardwarexpress before you buy secondhand so you can keep it in your budget if neccesary. Also take special care to notice the condition of the tyres, as a set of four new tyres can be a bit of a dent in the budget and it’s easy to see how well worn they are.

4. Higher Insurance Premiums

The newer the car, the higher you’ll have to pay insurance, too. Check online for insurance policies in your area and key in the different prices you’re thinking of spending. Not only does a new car result in higher costs to buy the car, but you’ll find that just driving it around insured will cost you more. Make sure these additional costs are within your budget before getting excited.

Whether you decide to buy new, or secondhand, buying a new car is a very exciting time. Make sure you weigh up the pros and cons and make the best decision for you and your family. Remember with any type of finance, that you end up paying a lot more than the actual price of the vehicle, so if you do need to finance your car ensure you pick something with a lower ticket price to save you in the long run. Happy car shopping!

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