The price of used cars has soared for the 26th month in a row and is on average higher by £3400 compared with the previous year. This is the result of a shortage of essential electronic components all over the world, which has rendered the new car market helpless and driven demand for second-hand cars. With the never-ending increases in the cost of second-hand cars, is now the time to opt for a brand-new vehicle instead?
When buying a new car, you are guaranteed to be the first owner and the first one to drive the model fresh from the factory. With this brings the satisfaction of peeling off any plastic within the interior of the vehicle and knowing that there are no signs of damage hidden away.
If you are ordering the car from the manufacturer, you have the privilege of selecting what type of technology you would like in the car, such as a rear backup camera, navigation system and Bluetooth control. You can also decide the colour of the car and what type of wheels the vehicle will have.
You will also have peace of mind after buying, due to a manufacturer warranty once the vehicle has been purchased and registered. Fundamentally, this means you get coverage for any issues that occur during the time you own the vehicle up to a certain period. Additionally, new vehicles do not need an MOT service until they’ve been driven for three years after being registered, saving you valuable time and expense.
The drawback of new cars is that they will be higher in price than their second-hand counterparts, with additional higher prices for both insurance and replacement parts. The depreciation of these cars is also much higher and occurs immediately after driving the vehicle for the first time. Due to the shortage of electric components, new cars are high in demand and so you may be waiting a while for your vehicle to arrive.
A used car is one that has at least one previous owner and may have already covered a decent number of miles in its lifetime – this can range from a few thousand miles to over 100,000 miles, depending on the age of the car and the habits of the previous owner.
Regardless of the increasing costs of used cars, they are still significantly cheaper than buying a brand-new vehicle outright, especially if you go for an older model or a car with higher mileage. This option is perfect for those requiring a car immediately, as there is no need to wait. Simply, go to a car dealership or private seller and test drive a few vehicles until one take’s your fancy. You can also easily find models online, such as by searching for used Vauxhall cars for sale.
Unfortunately, for used cars, it is more likely that they have passed the warranty period, as this runs from the day the car was registered – even cars under warrantee will not have as long as they would with a new vehicle. This can be unsettling, especially since you can be sceptical about the true condition of the vehicle and whether there is any damage or issues that you cannot see straight away.
Buying nearly new
There is another option, which is to buy an almost-new car which will have typically been used for demonstrations by a dealership or manufacturer. With this, you get the best of both worlds – a car that is in near-perfect condition, with a sizeable portion of the price taken off. The only downside to this is that it adds more names to the registration document of the car. Therefore, when it comes to selling the car, you will likely sell it for a lower price than new models of a similar age.
Which car you end up choosing is entirely down to your preferences and lifestyle. Buying a car is a significant decision to make, which is why you should always choose one to your liking and from an individual or dealer you can trust.