What are the advantages and disadvantages of buying a new car?
Buying a new car is certainly exciting and provides a level of social status. As you are buying new, you can be confident about the vehicle’s history – you know it has not been stolen or involved in an accident as it could have been if it were a used car. You should receive a warranty, often up to three years, which provides reassurance in case of a breakdown and it’s possible to save money by offering your old car as a trade-in. On the downside, car prices in the UK are among the highest in Europe and the value of cars does depreciate rapidly – typically a car will be worth less than 50% of its original value after three years.
