Buying a car is a big decision. There are so many factors to consider and weigh up against each other. You want a vehicle that looks and runs well, perhaps with a few exciting gadgets and functions. But you also want to get a good deal and not put an enormous dent in your bank balance.
No matter how much you want a brand new car, it’s undeniably expensive. You can get the best possible deal on finance, but you’ll still be making large payments for several years. Perhaps you are considering buying a used car but are nervous about being ripped off or putting money into something that will break down the second you drive it off the lot.
But a used car can be an enormously cost-effective solution, and if you find the right deal, you won’t need to compromise on quality. If you’re still unsure, here are the pros and cons of buying a used car.
- Lower prices: Because a used car has some miles on it already, it will be dramatically cheaper than a factory-fresh model. The cost will depend on the age and the mileage, but whatever you fork out for, it will put less of a strain on your bank balance. If you have rough money in the bank, you could pay for your used car outright. Or, if you buy from a dealer, you can still opt for finance with a smaller loan amount. It’s a good idea to run a car finance check to make sure the car doesn’t have finance outstanding.
- Quality: Many people think used cars are synonymous with battered old rust buckets, but vehicle quality has improved dramatically in recent years. As a result, used cars are much more reliable than they used to be. Your money can go a lot further.
- Reliability: Even though there have been major improvements in quality, a used car will never be as reliable as a brand new one. You can conduct an auto check, look at the service history, and take it into a mechanic, but the higher the mileage, the more risk you face. Opting for an older car increases your likelihood of forking out for costly repairs and replacements when things go wrong.
- Image: If you are a motorhead, your car is probably a status symbol. Something you use to impress people and show off your superior car knowledge. The older your car, the less likely you are to impress.
- Choice: When shopping for a brand new car, your options are endless. As long as you have the budget for it, you can buy any vehicle on the market. Yet by opting for a used model, your selection is limited to whatever you can find online or at your local dealership.
Warranty: New cars will always come with a warranty to protect you in the case of mechanical or electrical faults. This will save you money if anything unexpected goes wrong. Although some dealerships may offer warranties on used models, you are much less likely to enjoy this benefit.