To buy new or not to buy new? That is the question.
And it’s a tough one to answer. In the end, it depends on what you need out of your next set of wheels, and that’s why we’ve put together this handy list of pros and cons for both so you know what you’re getting yourself in for no matter what you decide.
Pros: You can expect new cars to have a longer lifespan, as well as generally better technology than older ones, especially when it comes to safety. This also includes the most up-to-date infotainment options, including smartphone integration.
Fuel economy has also seen a general improvement over time so they are often cheaper to run. They are also quite customisable, since you can have them built to order at the factory.
They almost always come with favourable financing and warranties as well, and you can’t forget about that new car smell.
Cons: It’s much more expensive overall, especially if you’re after prestige brands. On top of that, its value will depreciate rapidly, so once you drive it off the lot there won’t be any recouping that investment.
You may also need to wait for the car to be built and delivered, especially if you request factory-fitted extras, while used cars can often be taken home the same day the sale is agreed.
Pros: They are much cheaper to buy and insure, and thanks to upcoming changes in the tax code (to which they will be exempt) they are likely to put less of a tax burden on you as well. This means that if you do want a particularly prestigious vehicle this is a way to acquire one without breaking the bank.
Hindsight also comes into play; you can get a really good idea of how good a particular make or model is once it’s been on the market and on the road for a while.
Cons: Financing options and warranties are more limited, but some dealers like RRG Group make a point of offering benefits to rival those on new cars.
They also don’t tend to last as long, though brands like Toyota, whose stringent manufacturing standards make their cars particularly reliable, can be acquired at standard prices and are likely to outlive even some new cars.