There’s definitely something appealing about the prospect of driving a brand new car. But does this necessarily mean that it is the right choice for you? One of the questions most frequently asked by those considering purchasing a new car is whether it makes sense to buy brand new, or opt for a high quality second-hand option. 
Technically speaking, there’s no reason why either option cannot leave you with a car you are absolutely delighted with. Nevertheless, there are a few important questions you should be sure to ask yourself, before going ahead with the option of buying brand new.
How Is Your Credit?
First of all, if you are planning on using any kind of borrowing or financing of any kind to purchase the car, is a good idea to first consider exactly how your current credit situation is. The reason being that contrary to popular belief, even applying for something as simple as a car loan and being refused credit can actually put an enormous black spot on your credit report. If you are not 100% convinced that your credit report is in good shape, you need to think very carefully about whether or not to apply for additional credit.
Have you considered initial depreciation?
Though the exact figure will always vary in accordance with the make and model of the car you decide to buy, it is inevitable that the moment take it on its very first drive, its overall value will take a significant hit. You could be looking at 5%, 10% or even 50% of its original value being wiped off the face of the earth, simply by having turned the key and taken it out for a spin. Even if you then go on to sell the car while it in showroom condition, you are likely to take home exponentially less than you paid for it.
How About a Superior Used Car?
These days, allocating say £10,000 or £15,000 to the purchase of a brand new car will open up quite a number of attractive options. But at the same time, take a look at what the same amount of money would stretch to in the second hand market and you might find you’re able to afford something quite spectacular. Once again, it’s important to remember that just as soon as that initial depreciation has been wiped from the value of a vehicle, it’s suddenly becomes much cheaper to buy the kind of car you wouldn’t normally be able to afford.
Have You Considered Approved Used?
Last but not least, it’s always worth considering the option of an approved used car, which will usually be offered with an extensive warranty and perhaps even a service package. These tend to be the kinds of low-mileage, high-quality vehicles that are lower in price only because they cannot be considered brand new. And chances are that if you track down an outstanding example, there’s really only you that will have any idea it’s not in fact brand new, fresh from the showroom!
