Nothing beats the smell of a brand new vehicle, but is buying a new car the better option? Either way, buying a used car will feel like buying a new one because it is new for you, the owner. It might not be in mint condition or out of the box, but it's your new car.
If you find yourself in this situation, here are some pros and cons of buying new versus used.
Buying A New Car: Pros & Cons
- Generally, the car comes with a warranty and service plan. This means more peace of mind for the owner.
- The car has had no repair work or maintenance done.
- The car will most often be sold with the latest technology.
- The vehicle will have extremely low mileage and therefore lower emissions.
- You are the first owner of the car.
- Brand new cars always smell great!
- Cars depreciate in value the most over the first two to three years, so new car buyers sometimes take more of a financial blow than used car buyers.
- New cars generally have higher insurance costs.
- New cars can also potentially have higher CO2 emission tax and sales value-added tax (VAT).
- New cars are always more expensive than used cars.
Buying A Used Car: Pros & Cons
- Used cars depreciate less than new cars and at a much slower rate.
- Used cars are cheaper than that of their newer counterparts.
- Used cars are usually easier to finance, provided that they are under five years old.
- The vehicle has a working history.
- Used cars usually command lower insurance rates.
- There is a very wide range of options to choose from, especially in South Africa.
- Reliability of the vehicle can definitely come into question if the car has not been maintained properly.
- Used cars are generally less advanced than new cars.
- Used cars usually require more maintenance than.
- Used cars tend to lack in choice when it comes to the specific vehicle colour, added features, technology, or even what the previous work history of the vehicle is.
- Unless it’s a classic, used cars tend to become harder to sell the older they get.
At the end of the day, the decision is ultimately yours. Know what you want and understand what you can afford. Also, understand the Consumer Protection Act and return policies that are associated with your purchase.
To find the perfect car for you, visit Auto Mart today!