Buying a car is a big investment, and we all want to get some bang for our buck. If the recession has taught us anything, it’s that careful money management is essential to our prosperity, and that we can’t afford to take any risks where our finances are concerned.
As a result, a lot of people won’t even consider buying a vehicle straight from the showroom. The ‘make do and mend’ mentality has become so ingrained that we turn our noses up at anything full price, and fail to consider all of our options.
In fact, the reality of the comparison is far from black and white. If you’re wondering which option would be better for you, we have a few pointers to help you…
The Initial Outlay
One of the main costs of investing in a car is the initial outlay, and you’re always going to pay less for a used model than you are for a new one. If you compare two vehicles, each of them possessing the same specification, the 2015 version is guaranteed to cost more than its 2007 counterpart. By opting for the used choice you could save thousands, and this is one of the key factors that motivates buyers to invest in second-hand models rather than exploring all of their options.
However, there are other factors that you need to consider, and one of these is fuel consumption. It costs a lot to maintain a car, and a key outgoing is the amount of gas your motor guzzles. Although there is no hard and fast rule regarding new over old (or vice versa), you’ll generally find that contemporary options have the advantage in this respect. With the growing focus on CO2 emissions, most are far more fuel-efficient than their aged counterparts, offering the added boon of more economical road tax charges.
Maintenance and Parts
A further point to think about is the cost of maintenance. Older cars tend to require more work in order to keep them roadworthy, and this means that you’ll have a higher outlay in this regard. Not only will you have to pay more for the basic service, but parts may also prove more costly than they are for their newer counterparts, as they tend to be harder to source the older a vehicle is. Add to this the higher cost of insurance thanks to the increased risk posed by your aged vehicle, and you’ll find that buying used may not prove as economical as you imagined.
If you’re on the hunt for a new motor, which option would be best for you?