New to You - Should you opt for a new or used vehicle?
New to You - Should you opt for a new or used vehicle?
19 January 2023
There are not many people who dont enjoy treating themselves to a new vehicle! A question that comes up time and time again is 'should I buy new or used'? At Custom Vehicle Contracts we firmly believe that you should know all the facts before making that decision. The best outcome depends on a number of factors.
Why a brand new Car or Van could be the best option?
- Longer Manufacturers Warranty - No unexpected costs if vehicle components fail, most manufacturers offer 3-7 years. The backup of a manufacturers warranty can make for worry free motoring got many years!
- New vehicles are generally more reliable than used vehicles, so less likely to put you off the road
- Control your costs - a new vehicles will give you the maximum amount of time before you need a service, need to change the tyres or change brake pads. Mainly because no one has been putting wear on those components before you!
- Often we can provide a lower monthly payment on a new vehicle than the equivelant used vehicle under 3 years old.
- Lower running costs - Manufacturers are constantly developing ways to make vehicles more fuel and energy efficient. Buying new means often means that you are on the forefront of thie new technology.
- Lower Maintenance Costs - No MOT for 3 years and generally cheaper maintenance in the earlier years of a vehicles life.
- Finance Costs on a new vehicle are often less than a used vehicle.
Why and when should you choose a used?
- Sometimes opting for a used vehicle can allow you to get a higher specification vehicle for a similar monthly payment.
- Pay the vehicle outright or own the vehicle after the last payment has been made with no further payments - Used vehicles generally come at a lower capital cost which makes it easier to do this.
- If you plan on running a vehicle for a long term, typically beyond when the vehicle finance agreement has ended, the true monthly cost can be lower.
- Depending on the age of the used vehicle, depreciation costs could be less.
- Potentially less expensive to change the vehicle sooner than the end of the contract
There are of course many more factors that can determine what is best for you. At Custom Vehicle Contracts we live to evaluate every aspect of what could be right for you or your business. Pick up the phone or contact us through the website for more information on how we can help.