Are you looking to upgrade your current car? This is a big decision especially you are trying to decide weather or not to buy a brand new car straight from the factory or do you buy a already used car that is registered and already built. Both cars have their pros and cons and here we are going to talk about them!
Here at The Car Finance Companies we sell used cars but we understand the necessity of understanding the positives and negatives of buying both to help you make a suitable decision for you.
Used car pros
Buying a new car as many benefits including things such as the car already being available. This is because unlike buying a brand new car it is already built. If you are looking at upgrading your vehicle but don’t want to wait weeks for you car to be built then buying a used car would probably be a very good idea. It also means that you can visually inspect the car yourself before you buy it and then get any issues found with the car fixed before you make the purchase.
- Cheaper to buy/finance
A used car are often cheaper to finance due to its age. You are likely to get a good finance deal on a used car because the usual start off cost is less than a new car, Although the interest rates may be slightly higher this wont bridge the gap between the price of a new car.
- Used car warranties
Here at the car finance companies we offer a free 3 month warranty with any vehicle that is bought on finance which can then be extended to a 12 month warranty at an extra cost. All warranties are different and depends on the dealership, be sure to read the terms and conditions to ensure you know how long you are covered for.
Cons
- Prebuilt
Now when buying a used car there are things to consider such as that the car is already built meaning that the vehicle specification has already been decided. This means that It might be missing that you would have specifically wanted if you were to buy a new car. However that does not mean you can’t get theses added on after you have bought the used car.
- History
When buying a used car you will have to take into consideration having to pay for all maintenance, MOT’s and services after the warranty runs out. This is needed to ensure your car runs efficiently and that is properly looked after so it benefits you in the long run and also well be a great help when you go to sell your car on. The car will also have a history that you may be unaware of, like previous owners and the amount of them or does it have a service history.
New cars
Buying a brand new car is very exciting. Your car is built specifically to your wants and needs in specification, colour, interior and etc. But this does also mean you have a wait on the time in which you receive your car from the factory which can be really frustrating. However, there are many positives are buying a brand new car.
Pros
- Exact specification
When purchasing a new car, you can choose the specification to fit your wants and needs. This can range from the colour of the car, the interior, do you want specs including a sat nav or alloy wheels. These are all things you can add to your car at an extra cost when buying a brand new vehicle.
- Manufacturers warranties
For the purchase of a brand new car there is usually an offer of a three year warranty on non-consumable parts. This is a big reassurance to know that as a new car buyer you will have that extra cover if anything was to break within in the warranty time. It also suggests that newer vehicles are often safer due to the all the new technology that is being produced helping ensure that you and your vehicle are as safe as you can be.
Cons
- Length of time
The length of time it takes for the car to be made can be weeks and they are also more often expensive. This is because you are buying a brand new vehicle that has only been released that year. You could get a car that is a year older and it be a fraction of the price and it is also made so you don’t have to wait for it to be made.
- Depreciate quicker
The value of your car as soon as you drive off the forecourt of the dealer will instantly decrease, your car will continuously loose value as long as you own it, however if you buy a used car it has already lost the majority of its depreciation so the value of the used car won’t fall as much as a new model.
- Insurance
The insurance can often be higher sue to the cost of the vehicle being a lot higher than that o a used car. Your new car may be safer and have all the new technology included it does mean the cars value will often be a fair bit higher than the that of a used car, therefore the cost of insurance is often higher.
Well there you have it. When deciding to upgrade your car you can chose what is the best option for you. If you want to spend more money on a car that is specifically built for you but have to wait weeks for it to be built then a buying a brand new car may be the best option or if you want a vehicle that is a lot less in price and has already been built then a used car would also be a very good choice.
The Car Finance Companies provide you with a massive selection of used cars and vans. We are based in Liverpool, Merseyside but can deliver UK wide. Check out our stock range and give us a call on 0151 523 4000 to get started on getting that dream car today!