It’s the big question you’ll ask yourself when looking for your next car; do I buy new or used? Both have their advantages and disadvantages but it’s undoubtable that buying a used car is by far the most popular choice, with 8.1 million second-hand cars changing hands across the UK in 2017. Just because something’s more popular doesn’t mean it’s always the best though, and there are a few factors you should consider to decide whether you should buy new or used.
Why are New Car Sales Falling?
In 2017 new car sales fell by 5.7% but demand was still at its third highest in ten years, with just over 2.5 million sold. Various positives could still be found within the 2.5 million new cars sold too, as electric and alternatively fuelled vehicles experienced a big spike to reach record highs. The likes of higher taxes on diesel vehicles, growing environmental concerns and the uncertainty surrounding Brexit and the impact it will have on people’s spending all played their part.
What are the Benefits of Buying Used?
There are many benefits to buying used cars NI has a huge range available at much more affordable prices than purchasing new. The costs of depreciation are a big factor which put many people off buying a brand-new car, as by the time it gets sold on you can lose plenty of value. It’s also easier to negotiate on price with a used car, as there may be things you spot, such as slightly chipped paintwork that can act as a bargaining point, while most dealers want to clear their forecourts of used vehicles to make space for new models.
Which is Best for Me?
In order to decide whether a new or used car is best, there are a few questions you should ask yourself. Firstly, what’s your budget? This can quickly narrow down the new and used cars you can afford. Secondly, can you afford to run and maintain a car within that budget? Fuel, insurance, repairs and tax all need to be considered. Finally, what car do you want? You may only be able to find it on the new or used market and have no choice.
Are There Other Options?
Yes, rather than buying new or used you could consider car finance. If you only need to use a car for the odd week then it might make financial sense to rent rather than buy. Otherwise, there are various car finance options, including hire purchase, personal contract hire and others. Be aware of the terms and risks before applying.
Buying a used car is the most popular option but there’s nothing wrong with purchasing a new model should it be right for you.
