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Should I buy new or second hand?

Buying a car is an important decision, and there are pros and cons to buying new or second hand. Read on to make the best choice.

It goes without saying that buying a new car requires thought and planning – you need to consider everything from your budget to where you will keep the car overnight. An important aspect of buying a car is choosing whether to buy new or second hand… otherwise known as “previously loved”.

We explore the used car vs new car pros and cons:

Buying a used car

For car buyers who are price conscious and want to buy a good condition car at an affordable price, buying a used car is the best option. It’s not only a cost saving decision but it comes with many other advantages as well. 

  • You don’t need to feel the pain of depreciation
    When you buy a new car out of the dealership, its price drops 20% and nearly 40% in the first year. The prices of new cars have steep decline and high depreciation rates in its value for the first 2 years. When you buy a previously-loved car, depreciation has usually calmed down at that point.
  • Variety of car models
    There is a large variety of cars available in the secondhand market and there are a couple of car sales websites like Autotrader, Cars, and Carfind. MotorHappy has it's own previously-loved car website, with over 4000 cars for sale. All of the vehicles on our side undergo a stringent 116-point quality assurance check and all comes with a full service history. MotorHappy's website is full of top-class automobiles and there are lots of pre-loved cars in very good condition. Most importantly, you can have the satisfaction to own any brand of car that suits your pocket too.
  • Invest in a Service Plan or Maintenance Plan
    One of the key advantages of buying new is that the vehicle comes with a Maintenance Plan. However, when you buy a previously-loved car with a Maintenance Plan that has run out, there is always the option of investing in a Maintenance Plan.

There are many additional costs that you have to keep in mind when buying a new car. However, if you are a price conscious buyer then a used car is the best option to choose.

Buying a new car 

Buying a new car usually means you’ll be purchasing a vehicle in perfect condition, both mechanically and aesthetically. You also get to choose all the trims and fittings you want, giving the car more of a personality. Other advantages of buying a new car include:

  • Warranty and Maintenance Plan
    The main advantage of buying a zero km car is that it comes with a warranty and has high life expectancy. With good maintenance, the new car lasts longer and has high resale value in the market.
  • Mileage
    The new car is engineered to give you a good mileage with few repairs and service costs in the early years.
  • Interest rates and good deals
    In order to attract buyers, dealers also offer a good interest rate on new cars. Moreover, the interest rate on your new car loan will depend on your credit, so if you have a good credit, you can sometimes enjoy lower interest rate.
  • Latest technology
    Another benefit of buying a new car is that it is equipped with advanced technologies and safety features that make a difference to performance and safety.

Vehicle dealership or private seller?

Once a choice has been made to buy a used – or “previously loved” - car, the next step is to make a decision where to buy it from.

Find out more