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By Eamon Moran
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A common question for people looking to buy a car is the difference between an old and new car & which one is the most suited one for their condition.
While there is no one size fits all answer for this question as both choices have positives and negatives & many factors influence the purchasing decision including financial budget, design, engine size and fuel type to name a few, read on as we try to break things down and help you make the right choice for what can be a daunting task for buyers.
New Car
There are many advantages for deciding to buy a new car from a car dealer. A new car will have the latest technology that will help to increase your comfort levels and improve your driving experience such as sensors, lighting, adaptive seating and more. The new car will have the best of all the latest features which suggests there should be reduced maintenance and lower repair costs.
A new car will have warranty to protect the car if anything unexpected happens within the first few years of ownership, which normally ranges between one to five years. The warranty will give you back up if the car is not performing properly during that initial period of ownership. With old cars, there could be safety issues so it's very important that you check the history of a used car beforehand.
From a sustainability aspect, new cars will have the technology in place that will lower emissions and utilize sustainable materials.
Looking at the disadvantages, the cost of a new car is much higher than buying a used car, this is probably the deciding factor for most people. To get the latest features, there will often be a premium price level and insurance tends to be higher for newer cars.
Depreciation is also an important factor, it means that for new cars the value drops once it is purchased. On an average, the value drops by 15-35% after the first year and by approx. 50% within the first three years.
Old Car
A standout advantage for buying an old car is it could be a more budget friendly, cost-efficient choice than a new car. Deciding to buy a second hand also gives you more options as you can decide between different brands and models.
As mentioned above, depreciation is a big factor with new cars; however, it’s a positive factor when buying an older car as the initial depreciation hit has already occurred and the value of the car will slowly lower in value if you wish to resell in the future. If you are a first-time driver, the biggest impact on the cost of your insurance will be the car you will be driving, so, it’s important you make a wise call to save your hard-earned money. These easy tips will help you navigate through the process and through the risks of paying heavy on either your car or insurance.
From a sustainability perspective, buying an older car will have a lower manufacturing effect and lower carbon footprint as it will not have the same impact on the environment that occurs when a manufacturer must source the raw materials for a new car.
The main disadvantage of buying a used car is the lack of warranty, you will not be legally covered after you buy the car for the first few years.
Also, it would be common that older cars would be susceptible to repairs as the engine and car parts would have more wear and tear, this can be costly in the long run as you may have to pay for repair damage.
How Can We Help You?
Once you decide on buying an old or new car, make sure to search around for the best car insurance quotes in the market. Arachas can help you with this as an insurance broker as we consult insurers across the market to not only find you the best price on your car insurance but also make sure you have the correct level of cover in place in the event of an accident.
Fill out our call back form for a competitive car insurance quote or call 01 582 7102 to contact us directly. Please keep the below ready, so we can provide you with a quote as soon as possible:
1. Car Registration Number
2. Number of years no claims bonus
3. Address where the car will be kept overnight
4. License details and DOB of any driver you would like to include on policy
5. Details of any claims or convictions, if applicable