‘New’ is a relative term. A new car doesn’t have to be new to the market, just new to you. As a study published in Forbes put it, experiences make you happier than things, so don't get bogged down in feelign your car needs to be an expensive statement piece. See it instead as a tool that gives you the freedom to experience things in life.
Just because your car in not brand spanking new though, it doesn’t mean you should settle for an old rust bucket either. Being money conscious is commendable when approaching a big spend. However, there are a few key things you should remember when buying your ‘new’ car in order to ensure that you don’t skimp on what’s important.
You will be driving this thing at 70 or 80mph. You have to be sure that it’s going to hold together and keep you safe. Make sure that when you’re buying, the car has passed it’s latest MOT, and that you have the full vehicle handbook so you can see exactly what work has been done on the vehicle.
Needless to say, don’t buy anything that is 30 years old/rusted through/leaks any kind of key fluid/coughs out black smoke.
2. Fuel efficiency
Bear in mind, that the newer the car, the more efficiently it will burn fuel. Some cars even have that fabled 6th gear. The more efficient the car, the cheaper your fuel costs. This is a big consideration, because if you’re not careful you will start burning through entire paycheques filling up your fuel tank.
3. Repairs are Expensive
Old cars break down, it’s a fact of life. Make sure you don’t skimp on the age of your car too much, It’s worth paying that extra money to buy a slightly newer model in order to avoid constant breakdown and repair costs. Not only that, but the older the model, sometimes the scarcer and therefore more expensive, the replacement parts. Make sure that you buy within a suitable age range and save yourself this expensive hassle.
4. It will last longer
Your beloved little motor will be far more likely to stay in your life for a longer amount of time if you don’t buy one that’s half in the scrap heap already. Whilst you don’t need to buy a ‘new car’, the newer the car, the longer it’ll last. This means you’ll have longer to wait until your next big payout for a new one. You odn’t want to be paying out thousands every few years because your cars keep dying on you.
Ok, this is more a personal thing than a financial one, but it’s still something worth considering. You spend a lot of time in that thing! make sure you buy something that at least has a working heater, and seats you can sit in without getting back pain.
If you are thinking of buying a car and want a few useful tips, check out our piece on buying a car here