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Should you buy a New Car or a Used Car?

If you’re in the market to buy a car, you’ll need to decide whether to buy a new car or a used car. As with anything in life, there are pros and cons for both so here are some things to consider.

New Cars – The Benefits

  • While the cost of a new car will be higher, new cars can offer you peace of mind. If serviced regularly, it is less likely to break down and should be mechanically sound for years to come. They are also covered by warranty, which usually covers a period of between three and five years or distance of 60,000 and 100,000 kilometres.
  • New cars also come with the latest features. We’re well past the stage where power windows and locks were considered luxury! These days, new cars have features such as rear-seat DVD players, GPS Navigation Systems, Remote Keyless Entry, Anti-lock Brakes (ABS) and side airbags.
  • Fuel efficiency is another important factor to look at. Car manufacturers aim to improve on fuel efficiency every year, which is why new cars are more fuel-efficient than old ones.

New Cars - Things to Keep in Mind

  • Ever heard someone say that when you buy a new car, you lose money as soon as you walk out of the dealership? They’re referring to the fact that new cars depreciate at a much higher rate than used cars.  For this reason, some people decide to purchase a car that’s only a few years old.

Used Cars – The Benefits

  • The most obvious benefit is that used cars are cheaper than new cars. As mentioned, you can save a lot of money by buying a used car that is only a few years old.
  • You can get a great deal on a used car and still have all the great features of a new car.

Used Cars – Things to Keep in Mind

  • If obtaining finance for a used car, you may be charged a higher interest rate. This is because used cars are seen as a higher risk.
  • A used car may not have the most up-to-date safety features.
  • Replacing parts in a used car may be more expensive than replacing parts in a new car because they may be harder to find.
  • A used car may be less fuel-efficient than a new car.

Do your research. Whatever vehicle you decide to purchase, be sure to ask mechanics for their advice and get the car inspected!

When you’ve decided on a vehicle, give Lend4Cars a call on 1300 856 846.