Porsche
25 July 2022, 08:23

Should I buy a new or used car? Pros and cons

Deciding between a new or used car can be tricky. The best way to start is by weighing up the various pros and cons of each option. 

Luckily, we’ve done the hard work for you! Check out our guide to help you decide whether you should buy a new or used car.

Price

New Car: It’s a given that new cars generally cost more than used cars, which isn’t ideal if you’re on a budget. If you decide to take out a loan to purchase a new car then it’s worth shopping around for the best deal. Some dealerships may even offer you a zero-interest loan.

Used Car: One of the biggest benefits of buying a second-hand car is the fact they cost less – often thousands of pounds less! This means you can potentially get a much fancier car for your budget.

Depreciation

New Car: Unfortunately, a new car loses value from the moment you leave the dealership, and by the end of year one will have lost approximately 40% of its original value. If you use your car a lot, then the value may decrease even further. 

Used Car: Luckily, depreciation slows as cars get older, which means buying a used car may be a better financial choice. If you don’t drive your car lots (under 10,000 miles a year) then it may be worth choosing a car with higher mileage. 

Associated Costs

New Car: In general, associated costs (e.g. insurance) are higher with a new car. However, there are financial benefits to buying a new car from a dealership. Although you are paying considerably more, you will get a full warranty and you may receive some perks from the dealership, such as free MOTs.

Used Car: A benefit of buying a used car is that some associated costs tend to be lower than a new car. As they are typically less valuable, insurance premiums for used cars can be as much as 25% less. You also avoid any dealership admin fees.

Environmental issues

New Car: Although new internal combustion engine (ICE) cars tend to emit fewer pollutants than used ICE cars, environmental damage often occurs during a car’s production (e.g. leakage of harmful chemicals). Also, while buying a hybrid car may seem like an environmentally-friendly option, they still contain lead-acid batteries. Although these batteries are recyclable, they are made using nickel, which when mined causes great ecological damage.

Used Car: In some respects, buying a used car can be a greener option as consumers don’t directly contribute to the environmental damage created by the manufacturing process.

Conclusion

In conclusion, when wondering whether to buy a new or used car, you’ll have to consider several factors. whilst new and used cars both have advantages and disadvantages, used cars make the better buy for most customers. 

As well as saving you a huge amount of money from the get-go, on-going associated costs are often lower. Used cars also depreciate less in value. Finally, used ICE cars can be considered greener, as a considerable amount of environmental damage occurs during the manufacturing process.

About CarsVansandBikes.com

About CarsVansandBikes.com

CarsVansandBikes.com is a digital advertising website that enables people to easily find a "new to them" used or new car, van or motorbike based on what is important to them. We live the mantra As easy as CVB.

It does not accept advertising or sponsored listings, so all vehicles listed are offered in a completely unbiased method - unlike other similar platforms. CarsVansandBikes.com makes its money through fees paid by motor dealers advertising their vehicle stock all advertising stock in a fair and transparent manner.

When they launched in 2021, it was the first automotive advertising platform that had no extras, everything that is offered to assist vehicle sellers connect with potential customers is included together with providing full vehicle details rather than just listing prices, with the aim of helping people to make better-informed. Their ambition is remove £1billion from dealer and private customer advertising spending – ultimately helping reduce the costs of cars, vans and bikes for the buyer instead of exaggerating the profits of media giants. They are resolute in their view that currently anyone advertising vehicles has been ripped off by all the media giants.

Motor dealers benefit from rates that are fixed until the end of 2023 with private customers offered the full advertising services offered by CarsVansandBikes.com permanently free of charge. Dealers benefit from a growing suite of unique tools allowing them to gain maximum benefit from the challenging and changing face of the automotive marketplace.

CarsVansandBikes Limited trades as CarsVansandBikes.com.