When it comes to buying a new car, most of us have money on our minds. Although the economy is showing promising signs of recovery, and the financial worries of yesteryear are now little more than an unpleasant memory, the ‘make do and mend’ mentality has remained, and it has a key role to play when it comes to making expensive purchases.
This is one of the key reasons why people choose to acquire their vehicles second-hand. A lot of us never even entertain the notion of buying new, and that’s because we automatically assume it will cost us more. But are we basing this decision on misguided information, and could it be that it’s actually more cost-effective in the long run to buy an unused and up-to-date model?
When it comes to purchasing a car, a brand new model is always going to cost more than its used counterpart, and this is why so many people believe that buying second-hand is a thrifty choice on their part. The reality is that most of us will have the same budget either way, although you will get more for your money when you buy used.
The Fuel Costs
However, one area where new cars excel is fuel consumption. In recent years, there has been more and more of a drive towards going green, and car manufacturers have responded to this by making models that are good for the environment and good for your wallet. If you want a car that doesn’t guzzle gas, then the chances are that the latest innovations will keep your CO2 emissions to a minimum, as well as minimizing the cost of your road tax.
Another point to consider when you’re weighing up your options is the maintenance costs associated with second-hand cars. A vehicle that has already been used and abused is much more likely to have something go wrong with it, and even motors that have been well-looked after may be overdue for a malfunction. Most parts have a shelf life, and if the end of it has been reached, then you could have some serious maintenance costs on the horizon. Your insurance premium is also likely to be higher, as your motor poses a greater risk of problems arising.
One final point to consider is the price of parts. As we mentioned above, older cars are more likely to need money spending on them, and the parts required to repair them may cost a lot more than you imagine. Some will no longer be in production, and will have to be carefully sourced from private parties. Others will be less widely available, and may take a long time to get hold of.
If you’re about to choose your next car, which option would be best for you?