A car is among the most significant investments many of us make in our lifetimes. Getting the decision right is critical if you’re going to have a pleasant experience behind the wheel, and avoid regretting your purchase.
The used market might be tempting, especially in 2022, with the global silicon shortage severely disrupting the supply of new cars. There are definite upsides and downsides to investing in a used car. Let’s run through a few of the more considerable.
If you’re buying used, then you will probably end up spending a lot less money. What’s more, the savings might be accrued without any real dip in the quality of the vehicle, especially if you’re buying something that’s just a few years old. Much of the price of a new car is lost within the first few years because of depreciation.
If you’re buying used, then you’ll potentially have a choice of every car that’s ever been released, not just the ones that are currently in production. There are some great models out there, especially for those willing to travel to find the right car from the right used dealer.
On the other hand, you won’t get the choice of trim and other customization options that you might get from a new car. When you buy used, you buy the car as it is, not as you’d like it to be.
Used cars tend to be more prone to reliability issues, by virtue of the fact that they have been around longer, and they’ve been subjected to greater wear and tear. This tends to vary considerably from vehicle to vehicle. Some models are prone to developing issues, while others are not. Consequently, it’s important that would-be buyers vet their purchases thoroughly, and insist on getting a detailed service history of the vehicle before committing.
Given that second-hand cars are more likely to run into problems, you might find that your insurance premiums are markedly higher on a used car. You might also find that you pay more in tax since older vehicles tend to be more polluting than newer ones.
When you buy new, you get the peace of mind that comes from buying from a dealership. If you’re buying a used car from a private seller, you might get yourself a better deal – but you might also run into trouble, especially if you’re dealing with a complete stranger. Consequently, shopping from an approved used dealer is usually a good idea.