New or Used Car - Which should I buy?

By Farzana Chaumoo

Factors to consider when deciding between purchasing a new or used vehicle

When shopping for a new car, most buyers question whether they should go the new or used route. Here are some factors to consider when deciding between purchasing a new or used vehicle:

New Car

Peace of Mind: New cars come with the peace of mind that you’re the first owner and all your services will be covered by its plan for a few years. There’s also peace of mind on its reliability.

Safety and features: Most modern new cars are filled with technology that makes it run and operate better, is more fuel efficient and has tested safety features so you know you’re getting the most for your money.

Customization: One of the main benefits of a new car is getting to spec it the way you want with the trimmings and extras you’d put to good use.

Instant Depreciation: A new car will start depreciating the moment your drive it off the showroom floor. Cars depreciate the most when they are new.

Used Car

New-car perks: Some used cars with low mileage can still be purchased with its service plan and warranty intact. If really necessary, you can also purchase an extension of the service plan and still save money.

Find out What is covered under car warranty?

Save money: the money you can save buying a used car over a new car can be invested elsewhere or spent on something else or leisure activities that otherwise would not be able to spend on had you purchased a new car.

History: It’s almost near impossible to know the full and exact history of a used car or determine how reliable it will be. Even with service history/books you can never truly know who the driver was and how they drove the car.  

What you see is what you get: When shopping for a used car this is usually where you have to settle for what its first owner had chosen. Things such as the colour, SatNav system, interior lighting or rim options, etc. Extra features and trimmings can’t usually be added, however, cosmetic adjustments can be made but will cost a lot more to customize.

Can you afford to maintain and repair a used car?: With a used car, there’s no guarantee that nothing will go wrong and if it does the expense is yours. The maintenance and replacement costs on a used car is generally higher than a new one.

Along with the costs involved is also the time required for it when it needs work in the shop.

Which should you buy?

Used cars can still be purchased with a bow on top, goodies in your trunk, and a fresh smell inside. No one will notice whether it’s a year or two old either, it’s still a new car in your life. Whatever the choice, ensure the car (make and model) has a good reputation, is running as it should, and has a warranty that you find suitable.

If you’re thinking of going the used car route, here’s a Checklist to help you with your purchase.