Choosing an automobile is always a difficult decision with many important factors to consider, especially for young drivers who want a reliable car but may not have a huge amount of money to spend. The decision to buy new or used is one that every motorist grapples with, so this post will explore the main benefits and drawbacks of each option for young drivers so that you can make an informed decision. Interested? Let’s get started.
Cost Considerations
Of course, the cost is a major consideration, particularly for young drivers. Of course, used cars are a lot more affordable than brand-new vehicles, which also means that you can get more for your money. Crucially, make sure that you also factor in the running costs (fuel, insurance, tax, and maintenance) when working out what you can afford to buy.
Insurance Implications
Insurance is another huge consideration for young drivers as premiums can be much higher as they are deemed higher risk. Generally, used cars come with lower insurance premiums as they are not as valuable as brand-new cars. It is always smart to research what insurance group any vehicle you are thinking about purchasing is on – all cars in the UK are categorised from 1-50 (the lower the group, the cheaper it is to insure).
Depreciation Rates
You must also consider the resale value of the vehicle. As a young driver, it is likely that you will only have this car for a few years, so you do not want to lose too much money. New cars can depreciate by as much as 35% after just one year, and the rate of depreciation tails off after three years, which is why it makes financial sense to opt for a used car.
Reliability & Warranty
As a young driver, you want a vehicle that you can rely on to avoid breakdowns and costly repairs. New cars have the latest features and technology, as well as a manufacturer’s warranty that will cover the cost of some repairs. Used cars tend to need more maintenance but can still be reliable, particularly if they have been certified.
Availability & Choice
The used car market is enormous, with a wide variety of models and immediate availability. This differs from new cars, where there is limited availability, and you may have to wait for specific configurations. However, you can customise new cars to your needs, unlike used cars, where you may have to make sacrifices or look far afield to find exactly what you are looking for.
There is a lot to consider for a young motorist when it comes to choosing a vehicle. The above are the main areas that you should be focused on, and hopefully, the information in this post will help you make an informed decision that suits your needs and preferences.
