Buying your first car? This is an incredibly exciting time and it is a vehicle that you will always remember, so it is important that you take the time to find the right one. In addition to finding the perfect first car, there are also different types of ownership to consider. Here is a closer look at each type so that you can make the right decision based on your circumstances.
New
Buying new can be a good option if you can afford it. You benefit from being the first owner so there is no issue over wear and tear, mileage and scams, plus you can also benefit from the latest technology, choosing your own spec and the manufacturer’s warranty.
Whilst many would like to buy new, it is not an option as it can be such a large expense (even with finance deals). Additionally, you face the biggest hit with depreciation which could mean that you lose a huge amount of money if you plan to sell the car in a few years.
Nearly New
A nearly new vehicle is one which is from a dealer’s demonstration fleet or from their pre-registered stock (vehicles bought by the dealer to meet targets). The benefits of this are that you will not be paying the same amount that you would if it were brand new, but it will still be in excellent condition with no wear and tear. Although depreciation is a factor, this will be less as it will have already fallen heavily in value.
The drawbacks are that choice is restricted and it can still be more expensive than buying used. Additionally, if it is an ex-lease then there is a chance that it has not been treated well.
Used
Most new motorists shop in the used car market and this is for good reason. It is much more affordable and the market is gigantic, so you should easily be able to find what you are looking for at a fair price. A used car will lose some value, but you will have sidestepped the biggest hit and especially if it is over 3 years old.
The disadvantages are that the condition may not be fantastic and you will not be covered by a warranty. Additionally, you need to be wary of used car scams and get a vehicle history check carried out. It can be tempting to buy privately, but it is safer to shop at reputable dealerships like Shelbourne Motors.
As you can see, the best type of ownership will depend on your own circumstances. For the majority, the used car market is ideal for finding an affordable and reliable vehicle which will get your driving career off to a smooth start.
