New Cars vs Used Cars: Cost Comparison

The biggest decision that a motorist makes when the time comes to purchase a vehicle is whether to buy new or used. Ultimately, this will come down to your own circumstances and personal preference but it is important to be aware of the key arguments so that you can make an informed and intelligent decision.

Buying New

Buying new is appealing because you will be the only owner of the vehicle which means that there will be no miles on the clock and you get the thrill of driving a brand new car and the ability to make it feel like your own. If money were not an issue then people would always buy new because there are many perks to buying a new car, including the fact that you benefit from the latest and best tech.

The main drawback for buying new is the fact that it is much more expensive than buying a used car. Additionally, depreciation is a large deterrent if you plan on selling the car down the line as it could see you lose out financially.

Buying Used

The majority of people shop in the used car market because it is cheaper and you can get more for your money – additionally, you do not have to worry (as much) about depreciation when you buy a car that is over 3 years old. Additionally, the used car market is enormous so you should be able to find what you are looking for with relative ease.

While shopping in the used car market can make financial sense, it does mean that you are buying a car which is likely to have had multiple owners and may not be in the best condition. Additionally, you need to be vigilant and make sure that you are safe if you opt to buy from a private seller.

Leasing

Another smart option to consider is vehicle leasing. This works as a long-term car rental which allows you to drive a new vehicle with monthly payments over an agreed term after which you simply return the keys. This is a good option because you get the thrill of driving a new car every few years and you do not have to worry about depreciation. In addition to this, this can also be an affordable way to drive a new car, particularly when you take out a deal with a specialist like ZenAuto.

It is a tough decision when you need a new car and you will need to think about your personal circumstances and preferences but hopefully this information will help you to make an intelligent decision. No matter which option you go for, you need to figure out exactly how much money you can afford to spend time and to make sure that you do your research before parting with your cash.