Having your own car is one of the best ways to gain independence and freedom, and is undoubtedly a great investment. I am often driving here there and everywhere to do a mystery shop! So should you buy a new car or an old car?
Though old cars tend to be cheaper, their maintenance costs can negate this, and their levels of emissions tend to be much higher than new cars. If you are considering buying a new car, here is a list of advantages and disadvantages to help you decide.
Pros of a new car
They’re greener, and better for the environment
New cars have lower emissions of CO2 and produce less pollutants overall. Newer engines also use less fossil fuel, which is reflected in lower road tax costs. With the rapidly increasing availability of hybrid and electric vehicles, cars have never been better for the environment.
They are cheaper to run
New cars are cheaper to run as their parts are all brand new! This means fewer trips to the garage for repairs, and newer engines are designed to use less fuel, saving you money on petrol.
You can get your perfect car
New cars can be customised, and you can easily choose your ideal colour, engine type, manufacturer and even specific gadgets. Buying a new car means that you can get just what you want, and the wide range of new car search engines means that you can easily find a car to suit your personal requirements and tastes.
New cars come with at least a three year warranty and if you look for the right deal, you could get your insurance or your tax free. As there are so many manufacturers building new cars, there are countless competitive packages and deals available to buyers.
Cons of a new car
They are expensive
Yes, new cars are more expensive than old cars, but it is obvious why. Some people are put off from paying for a new car, but with so many flexible deals around, it’s pretty easy to cut the cost. For example, scrappage schemes allow you to scrap your old car for a discount off a new one, and the Government currently has a grant scheme, giving motorists a substantial grant towards the cost of a new hybrid or electric vehicle.
Getting finance can be tricky
Many people buy new cars on finance to spread the cost. This is all very well for people with good credit ratings but what if you have a bad credit rating, CCJs or have been made bankrupt?
Some companies, such as Stoneacre Financial Services, offer bad credit car finance to those who may have trouble being accepted elsewhere. This type of finance is tailored to suit those who have a bad credit history but who is able to keep up payments in the present. By looking at factors such as having a permanent full-time job, bad credit finance companies offer finance regardless of your credit rating.
Would you buy a new car or stick to a second-hand car?