Buying a new car: is it worth it?
As you may know, I am currently taking driving lessons and I am planning on buying my first car next year. I’ve been thinking about what kind of car would benefit the average family, including whether it makes sense to go for a new, reliable car or a cheaper, yet less reliable used car.
I’ve weighed up some of the advantages and disadvantages or buying a new car, to see if it’s worth it.
First, let’s start with the advantages.
A new car will be more reliable
One of the most important aspects to a family car is that it is reliable. As family cars are used to drive children to parties, to do the weekly shop and to generally cart the family around, you need to be confident that the car will not break down in the middle of nowhere.
As a new car will be starting with zero miles on the clock, it is less likely to suffer a breakdown. In addition to this, a new car will be fitted with brand new parts, meaning it is unlikely to have problems or need any parts replacing. A used car, on the other hand, will have old parts and may not be as reliable. The last thing you want after buying a new car is to be constantly taking it to the garage for repairs.
You can get a loan to help with the cost
A new car is more expensive to purchase than a used car, that is a fact. Depending on what you go for, there can be a huge price difference, but there are ways to make buying a new car affordable.
You know your neighbour with the really expensive-looking car? They didn’t secretly win the lottery; they more than likely bought the car on finance.
Car finance make buying a new car affordable as you are borrowing a loan from a lender to cover the cost, and then you pay it back over a period of monthly instalments (usually between two to five years). You can be flexible with the loan and the longer you take the loan out for, the smaller the monthly payments will be. Car finance is available to almost anyone and even if you have bad credit, there are companies such as Clearway Car Finance who can help, as they specialise in a type of lending called ‘bad credit car finance’. Buying a car on finance is the option that most people go for.
A new car is safer and has all the latest technology
One of the reasons new cars are so attractive is that they come with all of the latest safety and multimedia gadgets. In-car technology is rapidly evolving and when you
have the option to sync your smart-phone wirelessly to your car, a battered old tape player just won’t cut it.
With so many electronic extras available, new cars win hands down in the technology department. The latest safety technology means that you can feel confident your children will be kept as safe as possible in your car, whereas a used car may not live up to your current safety requirements.
A new car is cheaper to run
A new car is cheaper to run than a used car, as new cars are designed to be more fuel efficient. This is important to remember when weighing up the costs of a new car and a used car. Though a new car is a more expensive purchase, it will cost less to run it on a daily basis. A used car may cost less initially, but the money will soon add up when you factor in fuel costs and repair costs.
So it seems that buying a new car is the best option so far. Let’s take a look at some of the disadvantages to balance it out.
Your insurance will probably cost more
The cost to insure a new car is nearly always more expensive than the cost to insure a used car. This is because a new car is more valuable than a used car. This is not always the case, though, so it makes sense to research how much your desired car would cost to insure before going ahead as then you can be prepared, and factor the costs into your overall car budget.
Taking a loan out isn’t for everyone
Though car loans make buying a car easier, taking a loan out isn’t for everyone. If you can’t afford to make the monthly repayments then you probably can’t afford to buy a new car! In this case, buying a used car could be the best option as no car is worth getting into serious debt for.
So there you have it, the advantages and disadvantages to buying a new car. After reading this would you buy a new car or a used car?
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