Is Buying a New Vehicle Cost Effective? 0

new car costWhen you buy a new car, it is often quoted that it loses about 20% of its value, the moment you drive it off the forecourt. When you decide to sell it on – regardless of whether it’s only a week after you bought it, it becomes a second hand vehicle. So if you DO want to drive a brand new car, this is something to seriously bear in mind.

On the plus side, new vehicles often come with ‘perks’; rebates, incentives and free extras. Because of the current economy, car dealerships have been offering some great deals; If you were going to buy the extras anyway, this could save you a LOT of money. If you weren’t, you’re not saving money, but you are still getting things for free. Before you buy your car, research the extras you may want – if the dealer doesn’t offer them to you for free, don’t be shy about asking!

There are a whole range of things you can get for free, if you ask. These can be small things, like seat covers and car mats; vehicle ‘features’, like leather seats, air conditioning, sun roofs, satellite navigation, upgraded sound systems, or metallic paint finishes; extra safety features like side air bags; or larger things like free insurance (though you must research the policy to find out what the premium would be the following year).

New cars are also covered for (generally) the first 3 years by a manufacturers warranty, which means no forking out for parts and labour, should anything go wrong within this period. This cuts out a lot of risk compared to buying a second hand car, because it ensures no unexpected maintenance costs.

So although your vehicle does dramatically lose value when you drive it off the lot, the money you save on the other things, could equal this. Above all, before you make a decision, do your research.

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