Always thought that buying a used vehicle was the cheapest way to get a new car? Explore your options more and you could actually find that a new car could be a cheaper long-term investment than a used car. So here’s some information to help you weigh up the pros and cons of buying a new car and help you make that all-important decision.
Financial benefits of buying a new car
A used car may cost less to buy than a brand new car, but running a car is an ongoing financial commitment that will cost you money for as long as you use it. So don’t treat the selling price of a used car as the total amount you will need to pay for it.
Make sure you factor in fuel efficiency and what condition the vehicle is in – older vehicles tend to need more regular repairs than newer vehicles so you should consider the cost of this too. Newer vehicles also tend to be more fuel efficient and with the current high cost of fuel, this could save you a lot of money in petrol in the long run.
New cars also come with a full manufacturer’s warranty, which will allow you to get any faults repaired for free. A new car warranty usually lasts for three years but some manufacturers may even extend it to seven.
Plus you may be able to get some special offers that will ease the financial burden of buying a car. Some dealers offer 0% APR on their financial packages or a year’s free insurance. This will minimise the running costs of your car for a whole year and if you wisely choose a car in a low insurance group, you’ll be able to minimise your expenditure for the whole time you own the car.
Insurance benefits of buying a new car
A final bonus when buying a new car is that it’s less likely to have things go wrong which could result in an accident, meaning you’re less likely to have to claim on your insurance and lose your no claims bonus. Motor trade insurance broker Unicom often emphasises the importance of protecting your no claims bonus as it is a way to reduce your annual running costs.
What’s more, you’ll know that it’s only you who’s driven your vehicle and you’ll know its whole history of accidents and repairs. So there’s no need to worry about used car dealers not painting you the whole picture when you ask about a car’s history; a new car is a blank canvas and it’s completely yours.