If you’re in the market for a new vehicle, you might be considering buying a brand new car instead of used. We’ve already looked into the pros and cons of buying a used car, and buying a brand new car can be one of the biggest purchases you can make, so you’ll want to make sure you know it’s the right route for you before you commit to buying.
Buying a new car has many positive aspects, but it can also have some disadvantages. Below, we investigate the pros and cons of buying a new car.
A new car will come with a warranty, which means that for the first few years that you own the car you’ll have major expenses covered. This is usually for three years or a set number of miles, but sometimes the dealer will extend it. A warranty means you can have the peace of mind that if anything goes wrong with your car during the warranty period, you likely won’t have to pay out for it.
A new car will usually be more reliable than a used car, as it doesn’t have any history. You’ll be the first person to drive the vehicle, so you won’t have to worry about how any previous owners have treated the car or about any hidden flaws that might come to light after you’ve purchased the vehicle. Plus, you’ll have that warranty in place to deal with anything in the unlikely event that something does go wrong with the vehicle.
With new cars, you’ll have all the latest technology, including entertainment features, navigation systems, and also safety features. New cars will also have features in place to make maintenance easier and driving easier, like self-parking and collision avoidance systems. If you want your car to have all the latest technology, a new car will have the most up-to-date features.
When you buy a new car you’ll have complete freedom to have exactly the specification that you want, including the bodywork colours, trims, interiors, and extra optional features. When buying a new car you’ll likely have to compromise on certain features but when you buy a new car you can have it kitted out exactly as you want it to be.
If you treat buying a car as an investment rather than a purchase, then buying a new car will have a huge disadvantage. It’s said that a new car will decrease in value by about 20% in the first year and by about 40% in the first five years that you’ll own it. The more miles you drive in your new car, the further it will depreciate. So, if your plan is to purchase a car and make money off of it down the line, a new car might not be right for you.
New cars are often higher value than used cars, so the insurance costs will also be higher. IF your car is damaged in an accident, it won’t be covered by the warranty, so your insurance will have to cover it. Repairing new vehicles can be more expensive, so the insurance premiums are also more costly.
A new car will be more expensive to buy than a used car. This is because of all the pros we covered in this article – they’ll have the latest technology, and they don’t come with the unreliability issues of used cars. So, that means they’re a higher value and cost more.
However, you can still achieve your dream of owning a new car. At Euphoria Finance we help secure fast car finance on new vehicles. We offer brand new cars on finance and even offer new car finance for bad credit. Get a quick finance quote today or speak to our expert team to find out more information on 01282 509609.