With the number of finance deals available through various car retailers, it’s never been easier to drive a brand new vehicle. But is this the best procedure to follow? What are the pros and cons?

Perhaps the most obvious benefit is that you’ll be able to drive a brand new car, which you might struggle to afford outright. You’re always going to have to pay a premium on the price, so it’s a more affordable option for lots of people. Even if you were buying a second-hand car, it may well cost too much to pay for it outright, so you might as well choose a monthly finance plan and have a brand new car instead. Of course, the downside is that cars lose their value very quickly, so your brand new vehicle isn’t going to be worth anything like it was when you got it three years down the line.

Investing in a new car means that you’re unlikely to have any problems with it, and if you do, it’ll still be covered by its warranty. This will save you a great deal of money maintenance wise, and is far less hassle. One thing which you must bear in mind, though, is that you often won’t own the car at the end of your finance plan. You may still have to pay off a lump sum, or get a different car.

There are a number of pros and cons, so the best thing you can do is weigh them up with regards to yourself, you car and your current financial situation. Only you will be able to make the right decision, so think seriously before acting on any of your initial thoughts and find out as much as you can about what is available.