Next to owning your own home, buying a motor vehicle is often one of the most expensive purchases we make. And it’s one we all want to get right.
Individual motivation will dictate which part of the car market consumers head for. Whether it’s the range of finance options, specification choice and the unique ‘new car smell’ that comes with a brand new motor, or the cost saving and immediate availability of a used car that appeals, the choice is yours.
Both parts of the market offer great advantages and have some elements potential buyers should always be aware of before parting with hard-earned cash.
Taking a little time to assess what is right for you will mean that you are in a much stronger position to drive away with the kind of car that is ideally suited to your needs (and your wallet!) So here at York Ward & Rowlatt, we want to make sure you have all the facts before you make your decision.
A brand new car fresh off the production line ticks many boxes for people and is, for some, the only choice when it comes to owning their next vehicle.
Customers have the luxury of selecting their own personal specification with the help of knowledgeable dealers, while strong finance deals, full and longer warranties and the ever-improving technology around fuel efficiency and safety standards, can be an irresistible attraction to many.
The downside? New car buyers also need to be aware that depreciation will be speedier and due to the recent tax changes, road tax will be higher.
The used car market remains buoyant with over seven million used cars sold in the UK each year, thanks to the enormous breadth of choice buyers can select from. Models like the Vauxhall Corsa and Astra remain highly popular and between them accounted for around 650,000 used car sales in the UK in 2016. Over the last year, both models were the third and fourth most sold used cars respectively each quarter.
With such a variety of models available, as well as the convenience of manufacturers’ approved used schemes and warranties, instant availability and lower insurance premiums, a used car can often be the best option for many motorists.
Things to be aware of? Buyers will probably have to compromise on the exact car specification, while MOT responsibilities will kick in after three years. Perhaps the biggest uncertainty when buying used is the lack of knowledge around the car’s history and this is where seeking out full service histories makes good sense.
Following a simple checklist is also encouraged when assessing whether a used car is right for you. Buyers should always:
A sometimes forgotten part of the car buying market is a nearly new vehicle. This too can offer great advantages for the appropriate buyer and is a powerful alternative to the new versus old car debate.
As an example, a one year old car can often be marginally cheaper compared to its brand new equivalent, as the depreciation that sees around 20% of a new car’s value disappear as soon as it is driven off the forecourt, has been accounted for.
Drivers will still have all the benefit of up-to-date technology, warranties, service history and low mileage, but without the high upfront costs that come with brand new. While the ‘new car smell’ may have waned a little, the other advantages more than make up for it.
Finally, if buying privately, remember it is your responsibility to check the car’s condition and history and you will have far fewer rights if something goes wrong, compared to doing business through a car dealership. While the private buying route can deliver cost savings, for many, the safety and peace of mind that comes with any dealership transaction outweighs a pure financial calculation.
There has never been a better time to enter the car buying market. Variety, affordable finance and high availability means that car hunters should be able to find the Vauxhall they want at the right price for them.
New, nearly new or old – the choice is yours!
For more advice from our expert team get in touch here.