The Choice Between Buying A New or Used Car

March 28, 2022
Posted by: Gavin Alford
Not everyone can afford to buy a new or used car, and in addition, the cost of owning a car – fuel, insurance, maintenance, servicing and repairs can become a financial burden.

The important question is : how much should I be spending in order to tick all the lender’s vehicle finance requirements and criteria off the checklist, and qualify to buy a new or used car?

Apart from having a good credit score, a deposit is always a good idea when it comes to financing a vehicle – the more you put down, the less your monthly vehicle finance repayments and the more car you can afford.

GET A FREE VALUATION

Looking to finance your next used car ? At Concorde Cars, we can assist you with your vehicle finance application. We handle all the paperwork for you!

Apply Online Today

  • We will not waste your time
  • Get pre-approved
  • Obligation Free
  • Same day approvals

The longer the period of your car loan, the more interest you pay

If you’re still thinking about not putting down a deposit, then bear in mind that a new or second hand car isn’t worth having if your monthly car repayments eat up all the extra room in your budget.

SAVINGS WITH A DEPOSIT

  • Less interest
  • More disposable income
  • Quicker vehicle ownership

All the factors discussed will affect the price tag you will need to look at when you are ready to buy your next new or used car, the amount you’ll have to finance and the interest amount payable.

Use our car loan affordability calculator to find out your maximum payment, based on your monthly income salary, before speeding off to buy a car that may cause burning holes in your pocket (please not, our loan calculator is just a rough estimate)

If your vehicle finance repayments are already burning holes in your pocket, then perhaps it’s time to change your used car or just sell your car. We buy cars for cash and make instant, guaranteed payment.