In most cases, buying a car means grappling with various decisions. Which make? Which model? Petrol, diesel, hybrid or electric? Finance or outright purchase? But one of the most important things to consider is new vs used cars.
If you’re stuck deciding between the two, welcome to our guide. Here, we’ll explore the pros and cons of both, so you can drive away knowing you’ve made the right choice.
In this guide:
• Buying a new car
·Pros of buying new
· Cons of buying new
• Buying a used car
· Pros of buying used
· Cons of buying used
• How can HPI Check® help?
Buying a new car
Buying new means being the first owner straight from the factory and getting the latest tech on the market. But there can be various drawbacks, including paying more upfront and potentially having to wait for your car to roll off the production line.
See our full list of pros and cons below.
Pros of buying new
You’ll have a brand-new car
You’ll be the first owner of a brand-new vehicle. No need to worry about previous owners, how the car has been treated or any unknown breakdown history. The latest technology, including advanced safety and driving assist features, is a bonus.
You can customise if you want
New cars also give you some level of customisation. Most manufacturers will offer upgrades and options when it comes to certain vehicle features. Different trims, infotainment systems, colours and interior finishes could help make your dream car even more perfect for you.
You’ll get peace of mind with a manufacturer’s warranty
With a manufacturer’s warranty in place for anywhere from 3 to 7 years, you can drive easy knowing any problems will be covered. You won’t have to worry about MOT tests for the first three years either, so your repair and maintenance costs should be quite low, too
Cons of buying new
You’ll pay more
Any new car will cost more than a used alternative of the same make and model. It’s one of the key points in the debate between new vs used cars. Along with a higher initial purchase price, you may also have to pay more in ongoing running costs such as insurance.
You’ll feel the bite of depreciation
New cars lose value the moment you drive them from the dealership. This is called depreciation and it’s worth understanding before making a big investment. Most cars lose about 15-30% of their initial value in the first year and as much as 60% over the first three years after purchase.
You may have to wait until it’s built
If you’ve ordered a brand-new car straight from the production line, you may have to wait weeks or even months until it’s finished to get behind the wheel. The wait may be longer if you’ve requested any upgrades to the car.
Buying a used car
Used car sales are nearly quadruple those of new models in the UK each year. Your expenditure is much less with lower second-hand car values, and you can usually secure the keys to drive away sooner. But equally buying a used car also has pros and cons.
Pros of buying used
You’ll pay less to buy and insure your car
The depreciation that impacts new cars means that buying used is often a great way to buy cheaper. When you compare used cars, you’ll notice that prices get lower with age and mileage for the same make and model. Cheaper cars are also usually less expensive to insure, too.
You could have more options to choose from
With lower prices comes a greater range of choices within your budget. You may not be able to afford a new, luxury car but a used one may be more viable. If you’ve got your eyes on a certain make or model, this could be the way to get it!
You’ll be able to get the keys sooner
With second-hand cars for sale on dealership forecourts or with private sellers, there’s nothing stopping you paying and driving away on the same day. This is ideal if you need a car sooner rather than later.
Cons of buying used
You won’t always know a car’s history
With previous owners and more miles on the clock, there are more risks. You may not know if a car has had any major issues in the past or how well it’s been cared for. There’s a bit more transparency and security buying through reputable dealerships, but with private sellers it can be more difficult. Fortunately, tools such as our HPI Check® can fill in some of the gaps.
You may not be covered by warranty
Unless you’re still covered by the balance of a manufacturer’s warranty, you’ll have to pay for repairs and servicing yourself. With a higher chance of breakdowns, the cost of maintaining your car could be much higher. Don’t forget, you’ll also need to pay for an annual service for cars over three years old.
You won’t have the latest tech and features
Older cars can seem quite dated if you’re used to something more modern and advanced. However, buying newer used cars could mean you still get all the features you need while retaining some of the cost benefits.
Use HPI Check® for your next purchase
The right decision for you depends on a few factors like your budget, preferences and tolerance for risk. If you’re going for something used, try our second-hand car check tool: HPI Check®. It’s a car history check you can trust.
Use it to find out if a car has been stolen, written off or scrapped, as well as for information about its mileage, MOT history and much more. Simply enter the reg number and we’ll do the rest.
