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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!

 

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