Should You Buy a Used Car Or a New Car?

It’s nice to have a dilemma such as this in your life, that you have the option to be able to buy a car, whether used or new. You have probably been putting the decision off some time now, trying to weigh up the pros and cons of each, without having come to a final decision. You have probably done some of your homework, and have visited your local car dealer, that offers you, both new and used cars, and now is the right time for you to make a decision. However, it’s difficult, because the price of a new car can be a lot more than a used one, but then you get the new car smell, and the peace of mind knowing that you’re the first person to drive your new car.

It is a difficult decision to make, and believe it or not, it can be quite stressful. Before you approach any of the Canberra used car dealers, you need to decide on the make and model of car that you want, and then start from there. For this article, we will look at the benefits of buying a used car, over a new one.

  • It costs less – If you were to buy a brand-new car, it is very likely that it will lose at least 20% of its value after just one year. This provides you as the buyer, the perfect opportunity to buy a vehicle that is only a year old, has only a few miles on the clock, and has had a full service history from the dealership, up until this time. This means that you save a considerable amount of money, but generally speaking, you get the car that you wanted in the first place.
  • There is less appreciation – As mentioned, new cars lose 20% of their value after just one year of driving, so when you get the used car, it starts to depreciate at a much slower rate. It actually slows to as low as 9%, and there is a greater chance of getting most of your money back, if you decide to sell the car later.

There are advantages and disadvantages to buying new and used cars, but your preference will come down to the amount of money that you have in your pocket, or whether or not you can get financed. You can be sure, however, that when you buy a used car, that you will definitely be saving yourself thousands of dollars.