New or Used Car? What’s the Right One for You?
Purchasing a car, whether brand new or pre-owned, is an investment in itself, so you would definitely want to get the best for your money. There are thousands of ways that can knock off some dollars from the final bill, whether buying an old one or a new car. Here are some useful tips to help guide you through:
When deciding between a new or used car, it’s essential to consider your budget, lifestyle, and long-term goals. A new car offers the latest technology and warranty benefits, while a used car can provide significant savings and a wider selection of models. To make the best choice, visit a car dealership near me to explore various options and get a feel for what suits your needs. Whether you’re looking for the latest features or a reliable vehicle at a lower cost, seeing the cars in person can help you make an informed decision.
Year-Old Cars Are Way Cheaper Than New Cars
From the time when a car is rolled out from the showroom floor while buying, it starts falling in price. According to a fact by Auto Trader, the new car may lose as much as 50% of its value within three years of the purchase date and some models may even lose value sooner.
That’s why one-year-old car purchasing is considered excellent if you need to save money. Even a car that has only been out of the factory for a few months – sold as an ex-demo model, usually – represents fantastic value. Should you sell the car after three years, it is worth making sure to buy a model that depreciates less than others so you should get your money back when selling it.
To get a 5 band valuation on your vehicle, which includes the forecourt, trade, and part exchange prices, you can run a reg check. This will also provide a comprehensive vehicle check, giving you peace of mind that you are getting good value for money.
How to Save Costs on Your New Car Purchase
If you are desperate to buy a new car, you can. Here are some ways to get a new car:
- Pre-reg cars: These are cars that are already registered, but often just for a very short time. You may end up saving at least 20% on purchasing such cars compared to purchasing from a car dealer.
- Run-out models: You can save as much as 30% off the usual price if you want the last few of a particular generation.
- Online brokers: They provide prices that are 20% cheaper than what you would pay at a dealership. Don’t be afraid to shop around.
Choose a Car That’s Cheap to Run
After calculating the purchase price, there may be other expenditure costs of the car. Several websites provide rich comparisons of the running costs to get a better pick. Here are some general rules:
- Smaller engines tend to be cheaper to run.
- Petrol cars are generally cheaper than diesel.
- Manual cars usually cost less than automatics.
- Fuel economy hybrid cars, on the other hand, have higher costs upfront.
- Smaller cars are both less expensive to run and have less expensive insurance to cover.
Do also note the CO2 emissions on your car; this can sometimes be a consideration when paying your road tax.
When to Buy Your Car
Another factor is the timing of your purchase. In case of car dealerships, their sales targets occur quarterly, meaning ideal times to strike a good bargain are the ends of March, June, September, and December. Dealerships can offer discounts or attractive financing packages during these months to meet sales targets.
If you are purchasing from a private seller, the prices tend to be more stable and monitor the market. If it is falling then wait, but when it is up, then one should buy.
