Should You Purchase A New Or Nearly New Car?
Is There A Big Enough Difference To Choose New?
When buying your next car, one of the big decision you will make is how old should it be? Here’s a guide to the pros and cons of new or nearly new.
One of the biggest benefits of buying a new car is that it will come with a warranty, most manufactures provide at least a three year warranty, but with others it could be up to seven years. This means you will have peace of mind that nothing major should go wrong with your new car. Your new car should also be pretty reliable, as you’ll be the first person to drive it and things like tyres, bulbs and belts should last for years.
If you choose to buy a new car you’ll be able to pick the specification, meaning you’ll be able to choose the exact colour, wheels, accessories and all the new technology available at the moment of purchase, which include the latest safety features - as in most cases, the newer the car the safer it will be. A new car should also be more fuel efficient, and depending on the engine size of the car the tax you need to pay will be low or nothing at all.
However, it isn’t all rosy, new cars are expensive and lose their value quickly, after the first year of ownership the value of your new car may have depreciated up to 40%. With new cars come waiting times, especially if you’ve customised it quite a bit. It’s quite unlikely you’ll be walking away on the day with your brand new car.
The pros and cons of buying a nearly new car, which is a car that is less than three years old, are pretty much the opposite of buying a new car. The biggest benefit of buying a nearly new car is that you will get more bang for your buck, a luxury car will have depreciated to an affordable level, and in addition to saving money you will lose less, as the car will have depreciated substantially already.
With a new car you’ll be able to choose a car to fit your criteria perfectly, but with a nearly new car it becomes a lot harder to find one that is exactly how you like it. Even if you do find one you like, it might not be in the best condition, however you stand a much better chance of getting a car in good condition if you buy nearly new over used for example.
Are you looking for a way to fund your next car? Think Finance can help you find finance regardless of your credit rating. With their diverse panel of lenders, they can get finance for almost any circumstance or status. Get in touch today by calling 0800 221 8155 or by visiting www.thinkfinance.co.uk.