Wednesday 23 January 2019

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Cork Independent

Motors

New or used, that is the question

Wednesday, 2nd January, 2019 4:49pm

When buying a new car, be it new or used, a great many things need to be taken into consideration.

Cork Credit Unions, who offer flexible car loans to their customers, have compiled a list of the most important things to keep in mind when in the market for a new set of wheels.

Cost

It wasn’t so long ago that buying a brand new car was something that only the wealthiest of us could afford, but thanks to the increased availability of finance options, a shiny new automobile is a far more realistic dream for the not so fabulously wealthy. A new car will set you back more than a used one of course, but if you plan on taking out some form of finance on a used car, it never hurts to at least take a look at your new car options. You may be in for a pleasant surprise.

Depreciation

One of the biggest costs with a new car is depreciation. This is only a problem if you’re concerned about the resale value, in which case a used car might be the better option.

Some cars lose their value faster than others for a variety of reasons. With a bit of research, you can figure out which car will both suit your short-term needs and act as a long-term investment.

Maintenance

Where new cars typically come with a warranty of three years, used cars unfortunately tend to have much shorter warranties.

For this reason you will need to offset any savings on up-front pricing against costs that could be incurred due to repairs you may need to pay for down the road.

Reliability

New cars come with a certain assurance that they are as reliable as can be. And if not, then you still have that handy warranty to help you out.

With used cars, it is a lot more of a leap into the unknown. To avoid heartache it is advisable to have a known and trusted mechanic to have a good look under the hood before and money changes hands.

Eco-friendliness

Standards for emissions, fuel efficiency and so on change regularly, so a new car is going to be built with the latest specifications in mind. A used car, depending on age, shouldn’t be too far behind but it is still an area where doing one’s homework is advised.

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