Buying a new car vs. buying a used car
They say that buying a used car is cheaper to purchase and run than a new car. The first part is correct but the second one? I’m not too sure.
The are many costs that come into the running costs of a vehicle. Some costs don’t care about who you are, what car you drive, what engine it has, they will remain the same. For example, the fuel price will be the same for someone driving a BMW and for someone driving a Polo and also if the cars are different ages.
Services and maintenance costs will be lower in the first year than in year 2 and 3. Cars need an expensive service every other year which means that they will be expensive in year 2 and 4. If you buy a car new, you will have to fork out for one expensive service and that will be during year 2. If you buy a car that is a year old, you will have to pay for 2 expensive services in 3 years, ie, year 2 and 4. The costs of keeping a new car on the road can be far less than the costs of a used car.
The next cost is the cost of depreciation. This is generally the biggest cost associated with the motor industry but for some reason, certain cars cling to the around the same value they were when they were brand new. For example, a used Range Rover sport that is a year old can fetch almost the same amount as a brand new one. In this case, you are definitely better off buying the new one.
In contrast, some high end vehicles such as Aston Martin or Bentley can depreciate very quickly in the first 3 years if you buy it new. The thing about these expensive super cars is that you would be stupid if you don’t buy them cash. Paying it off can end up costing you a huge amount.
Cars that will work out cheaper in the long run if bought new, are cars such as a Range Rover sport, a Range Rover Evoque and a Porsche Cayman.
You may even get a pretty decent discount from a dealership whereas a second hand car dealership probably won’t even give you a discount.
No matter if you are looking for a new or used car, Motors24 can help you find one. We have portals to all the top new and used car sites, making it so easy for you.
