Are you looking to buy a new car and weighing up the benefits of a brand new car versus a used car? As specialists in auto finance in Tweed Heads, we know a thing or two about the benefits of both a new and used car. It all depends on what you are looking for.
1) Buying A New Car
Buying a new car comes with many benefits, one being that it’s new! This means that you can trust that the car won’t have any pre-existing problems from the get-go, plus who doesn’t love that new car smell? An obvious factor when buying a new car, however, would be the cost. Let’s look at some more pros and cons of buying a new car:
Pros
- You are the first owner
- You know the entire history of the car
- Ability to pick the exact car, trim and colour you want
- Lower maintenance costs
- Initial warranty of 3-7 years
- More advanced technology
- Options to customise
Cons
- Immediate loss of value, i.e. depreciation
- More expensive than a used car
- Higher cost to insure
- Additional features add to the cost
- Fewer options to buy different models, i.e. only the newest is available
2) Buying A Used Car
Saving money on buying a used car can sometimes outweigh the other benefits of buying a new car. Used cars also depreciate at a lower rate. However, used cars also come with their disadvantages, such as having a history that you may not know all the details about. Here are some more advantages and disadvantages when buying a used car.
Pros
- Less expensive
- Lower depreciation rate
- Lower insurance premiums
- No hidden fees, i.e. dealer preparation
- Potential carryover of previous owners warranty
- Customisation costs less
Cons
- Less reliable
- Less predictable
- More likely to have maintenance & repairs
- Cannot add any additional safety features etc.
- Limited options to find the exact vehicle you want
- Research is more time consuming
Auto Finance in Tweed Heads
Thinking about buying a new car and need help with auto finance in Tweed Heads? iCREDIT are professionals at helping car owners find low-cost car finance to secure the best deals for their budget and preferences. Give us a call today to find out more about our auto financing solutions!