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Common Questions

🚗 Car Type: Buying new vs buying used

There are many things to consider when deciding between buying a brand new or second hand car, including your budget, needs, and personal circumstances. There are different advantages for both approaches, some of which are listed below.


Buying a new car

  • Warranty: New cars typically come with a manufacturer's warranty, providing peace of mind and potential cost savings for repairs and maintenance.

  • Customisation: You have the opportunity to choose specific features, colors, and options when buying new.

  • Latest technology and safety features: Newer cars often come equipped with the latest advancements in technology and safety features.

  • Reliability: Newer vehicles generally have fewer maintenance issues and are less likely to require immediate repairs.

Buying a used car

  • Lower cost: Used cars are generally less expensive than new ones, allowing you to save money on the purchase price.

  • Depreciation: Used cars have already experienced significant depreciation, so you won't face the same rapid value loss that new cars typically experience in their early years.

  • Wider selection: You have a larger pool of options when buying used, including discontinued models or vehicles with specific features that may no longer be available in new cars.

  • Potentially lower insurance costs: Insuring a used car is typically cheaper than insuring a new car.

It can also be helpful to research the reliability and history of specific models. Have the used car inspected by a trusted mechanic, and weigh your options once you have decided on a preferred brand or type of car. Many dealers listed on our comparison site will offer free consultations - it is worth talking to the experts!

🧾 Financing a Car: What you should know


Paying cash

If you have the money up front, paying cash is a great way to fully own your car right away. Although this option is more common when buying a used car, some new car dealers offer the option. Having full ownership of the car means that you are not limited in how you use it, as long as you are insured, but it also means that you are responsible for all the maintenance, wear and tear, and the onward sale.

Hire Purchases (HP)

This is a straightforward loan where you make fixed monthly payments over a set period. At the end of the term, the EV is yours. A hire purchase works like a traditional loan, with monthly payments that include interest (APR), which is based on your credit rating. It is important to look at the overall cost of the loan (total term x monthly payments) and not just the monthly payments.

Using Hire Purchase also means that you are typically responsible for the maintenance as well as the wear and tear on the car - which is why PCP or PCH may be more suited to you if you are looking to own your car over a shorter term (say 3 years).


Personal Contract Purchase (PCP)

This is a popular option for those who want to own an EV, but can't afford the upfront cost. With PCP, you pay a deposit and then monthly payments for a fixed period. At the end of the term, you can choose to pay a final balloon payment to own the vehicle, or return it and start a new agreement. This option is also great if you want to have a new car every three years, and to not worry about depreciation or increased wear and tear on the car as it gets older - especially as battery technology continues to improve rapidly.

🔑 Rentals and Leases: Is this a better way of getting a car?


Personal Contract Hire (PCH)

Leasing an EV can be a good option for those who want to drive a new EV every few years, without worrying about maintenance costs. You pay a fixed monthly amount and return the vehicle at the end of the term. You get your own car without worrying about maintaining it or selling it on as the leasing company takes care of the rest. The difference between a PCP and a PCH is that you cannot buy the car at the end of the lease, but you may get a better deal by comparing the two options and their specific terms.

Salary Sacrifice Schemes

Salary sacrifice is a scheme offered by some employers where employees can use their pre-tax salary to pay for a car, thereby reducing their taxable income. Under this scheme, an employee agrees to give up a portion of their salary in exchange for a non-cash benefit, such as a car. The employee then uses the money deducted from their salary to pay for the car over a set period of time, usually two to four years.

The advantage of using salary sacrifice to buy a car is that the payments are taken out of the employee's pre-tax salary, reducing their taxable income and potentially saving them money on income tax and National Insurance contributions. Additionally, the employer may be able to negotiate a better deal on the car, which can also save the employee money. Think of it like a cycle to work scheme - but on 4 wheels!

Electric Car Rental / Car Clubs

Renting an EV is a great way of getting on the road without worrying about ownership or long term agreements. This is especially useful if you live in a city and drive only occasionally, as you are able to get a car when you need one, and not have one sitting in front of your house when you don’t! Renting a car does not have to be a tedious process, as car clubs and home delivery are becoming more and more common - and this can be a great way to save money overall while getting nicer cars and better service on the day.