Depreciation is the single biggest cost in running a car. Even if you only buy a one-year-old model, you'll be into some seriously large losses as the biggest drop comes in the first 12 months.
Look at the sums, and you might be able to buy a better equipped, more powerful version of the model you want by opting for a used model. You might even be able to upgrade a whole class thanks to big second-hand savings.
Look into the cars reliability, just because you like the look of it or the colour is not the first consideration you should be taking into account. If the model has a poor reliability record then ownership could be very expensive and deeply frustrating. Ask other people who own or have owned the model you are considering how reliable the car is or has been. Go online and research the model, what car is a good site.
It is not uncommon for brand new cars to have teething problems. These are always covered by a warranty, which now run for at least 3 years. Some manufacturers offer 5 or even 7 year warranties. These warranties continue if the car is sold to a different owner until the end of the warranty period. So if you buy a car within its warranty period you as the new owner can claim on the warranty for any premature faults. These faults must be examined by the manufacturers approved workshop, normally a franchise dealer but sometimes it can be an independent workshop. Read the terms of the warranty.
The warranty is a guarantee that the car will have any faults which are a result of premature failure will be repaired free of charge. Warranties do not cover faults or defects caused by driver abuse or fair wear and tear. So things like tyres and brake wear are normally excluded unless it is deemed that these parts wore out due to faulty manufacture.
Even if the car you're looking at is more than three years old, it doesn't mean it can't be protected by a warranty. Most approved-used schemes will provide 12 months of cover, and you can always take out your own policy with an independent provider for a few hundred pounds. However read the terms very carefully to see what parts are covered and what excess may apply. Again research the reliability of the model you are considering buying to evaluate whether buying the warranty is cost effective.
If you are offering a car in part exchange find out how much it is worth. You can do this by seeing how much similar models are being sold for in the local paper or by going online. There are various websites that offer vehicle valuations. Before you enter the showroom you must have this knowledge so you can have a fair negotiating position with the sales person. Remember they do this all the time and have a lot of experience. A good sales person will offer you a good deal and still make a decent profit. A good sales person will want you to recommend there business and will want your repeat business.
A new car will also obviously come with the full balance of the manufacturer's warranty, which repairs many faults free of charge. This will usually give you three years' peace of mind but it can be as long as seven. Special offers such as interest-free finance are most commonly attached to new cars, so this might be enough to convince you not to go down the used route. Thinking about what you need from your next car will help you avoid ending up with a 2 seat sports car when a family car is really what is required.
Ask yourself these questions:
How much cabin space do you need? How many passengers would you want to accommodate?
Do you need a lot of boot space; will you want to transport large items? If you carry lots of kit around, you'll benefit from added room.
What sort of journeys will you make? A tiny runabout is great if you just need to buzz around town but, if you take to the motorways often, a little more power and comfort would be welcome.
How many miles will you cover? The more miles you do, the more likely it is you'll be able to pay off the added cost of a diesel and start saving cash.
Is outright performance important to you? Do plenty of test drives, don't be shy you are spending a lot of money.
Is safety the top priority? Do you want the best Euro NCAP score and as many airbags as possible?
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