Used, New or Lease?
These days when it comes to getting yourself a new vehicle, there are a number of options available to you – the three main ones of which are new cars, used cars and lease deals.
If you are currently in the process of trading your wheels in for something different, then you’ll know that making a choice really isn’t as simple as it sounds. There are numerous factors to consider and it is important you make the right decision for you, especially considering that the current economic climate of the UK is in a state of recession – it is not the time for wasting money!
There are advantages to all three options and often it will come down to personal preference, but it is important that you are well aware of all the facts before you commit to a car. If you are having trouble deciding, here are a few reasons why you might want to consider each one.
New
The most appealing aspect about buying a new car is that you know nobody else has driven it – it will be in perfect condition. There is also a sense of security you get when buying new – you will have full manufacturer warranty and you do not have to worry about something going wrong. Don’t worry about the doors falling off of your Audi A4 or Lexus LS!
Moreover, as technology is improving all the time engines are becoming more fuel efficient and more environmentally friendly; consequently you will generally spend less on fuel with newer cars – however this doesn’t apply when comparing a new Range Rover with a used Volkswagen Up! Equipment is usually of a higher standard too.
Used
There is often one reason and one reason only why people will choose to buy a used vehicle – price. Whatever your preferences are, the undeniable truth is that you will pay significantly less for a used model than you will for a new one. Again, this is all relative – a used porsche 911 will still cost more than a new vauxhall Astra!
Another cost cutting benefit of buying used is that your insurance will be cheaper – the car is not worth as much as a new one so it does not cost as much to insure. Finally, there is far less depreciation on a used vehicle; sometimes you can recoup nearly the full value you paid for it even a few years down the line.
Lease
An option which is becoming more and more popular every year with car buyers, leasing allows you to drive a new car and pay in monthly instalments. It can be very tough to save up all the money needed to pay for a vehicle in one go, so leasing is an affordable way to drive off in a brand new car.
The other advantage to leasing is that you never keep the same car for too long, so if you start off by leasing a new Citroen DS3 you could keep it for three years and then trade it in for a Kia Sorento and carry on with your monthly repayments.
What this also means is that you will never have to pay for an MOT, and that all you bills for example insurance will be covered under one repayment.