Pros and Cons of New VS Used

The decision to go with a new or used car can affect your car insurance premium as well as impact your wallet in various other ways. There are pros and cons for both sides of the argument and a lot of it comes down to your personal situation. This means that taking advice from your friends can help but you also have to factor that against your own requirements as it's different for everyone. Whichever way you decide to go it can be a long term 'investment', so take your time and get some ideas by examining the factors below.

Pros of the New Car

The Social Points
Buying a new car gives you bragging rights. It's a status symbol. If you were just interested in getting from A to B the used car would have probably been a better option. Face it, your shiny new car looks pretty.

The Modern Features
The more modern the car the more packed with handy features it usually is. This can include anything from GPS to assisted parking. A new car is definitely the way to go if the novelty has worn off on simple power steering and electric windows. Your later model vehicle is also a lot more likely to be compatible with any impressive new tech which comes out over the next few years.

The Warranty
Car manufacturers and retailers are becoming increasingly competitive when it comes to the length of new car warranties. Anything from three to five years is common these days. This is due in no small part to the fact that mechanical failure is typically something that only starts to happen after a few years - or a few thousand kilometres.

The Perks
When buying a new car, you’re typically given some form of roadside assistance for free. This is a good deal for the retailer, due to the fact that you probably won’t need this in the beginning.

Pros of the Used Car

The Range
From browsing online to running to nearby used car dealerships, there's no shortage of stock to sift through. Somewhere in all of that is the ideal vehicle for you, you simply need to be thorough enough to uncover it.

The Price
It's a well-known fact that most cars are financial liabilities, not investments, as their value begins to depreciate the second you drive them out of the lot. Considering this, why fork over a ton of cash on a liability? You can get an amazing deal on a used car if you shop around a little. Buying a used car extends your budget dramatically, often allowing you to purchase brands you never considered to be a financially viable option.

The Warranty
This isn't even a con for used cars any longer. Most new cars come with a 5 year warranty and if they're sold before that warranty is up, the new owner typically gets the remainder - or more.

Make your choice by considering which points sound more important to you and compare insurance quotes for this choice, in order to get the best deal possible.