New, Used, Or Leased… Which Is Right For You?

Buying a car can be daunting, even for those with experience. With so much advice available online, it can be hard to figure out just who to listen to.

Nobody out there is going to look out for your best interests, so it’s important that you know what to look out for yourself.

The last thing you want is to find you’ve gotten yourself involved with a bad deal. All you can do is make sure you know what you’re getting into.  There are three main ways to purchase a car, and for you convenience, we’re going to look at them here. Don’t worry, we won’t tell you what to do.

However, with the knowledge you pick up in this article, hopefully you’ll be able to make an informed decision that best suits you. Here are the pros and cons of each three methods:

New

Owning a brand new car is a pipedream for most of us. After all, it can be an incredibly expensive venture. If you’ve got the money, though, why not? There are many benefits to buying new. You don’t have to worry about the miles on the clock, or the state of mechanics. Everything is brand new and unspoiled – but it is reflected in the price. You may also get unrivaled manufacturer warranties for further peace of mind. If buying a new car outright is possible for you, then it could work out well. However, without an abundance of cash at your disposal, you most likely won’t be able to afford it.

Used

Buying a used car is by far the most popular option, but there are risks attached to it. Generally speaking, it’s the cheapest way to buy a car, and the industry is not as shady as it used to be. Buying used can have a wealth of benefits, and not just in the price. Specialized used car dealerships now include guarantees on their sales, which was unheard of even ten years ago. However, there are things you should be on the lookout for. Always thoroughly inspect any used cars before handing over the money or signing the documents. Faults that you don’t pick up on will come back to haunt you later. However, even if the car needs work doing, it still works out cheaper than buying new usually.

Leased

The final option, and less used, for buying a new car is to get it on finance. If you can’t afford to pay for a car outright, this could be the option for you. Be aware, though, that the long-term costs will likely be higher as a result of accruing interest on the monthly repayments. There are various finance options available depending on your credit score. You can find used car financing at GMT West and companies like it.

As long as you’re careful and thorough, you should find the process of buying a new car easy. After all, it’s supposed to be an enjoyable experience! Don’t allow yourself to be put under pressure and walk away from any deal that doesn’t sit right with you.

Image Credit: Flickr