New cars cheaper to run than older models by up to 23%
Overall car running costs mean it could be more cost efficient to lease a brand new car, rather than an older model
Motorists looking to upgrade their car could save almost a quarter on running costs by choosing to lease a brand new model rather than run a used one, new analysis from MoneySuperMarket has revealed.
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The price comparison website analysed the costs for five popular vehicles – the Nissan Qashqai, Volkswagen Golf, BMW 3 Series, Ford Fiesta and Vauxhall Astra – and found that in all five cases a brand new model would incur significantly lower running costs (including fuel, road tax, insurance and MOT) compared to a five-year-old model of the same vehicle.
Overall, the annual cost of running a new car is £1,398 on average, compared to £1,645 for models which are five years old – a £247 difference.
Of the five cars analysed, the biggest difference was the Volkswagen Golf, where a saving of £363 (23%) can be made on the running costs of a new car compared to an older model. This brings costs down from £1,592 to £1,229.
For a brand new Ford Fiesta the annual running costs are even less at £1,210 per year, which is £226 cheaper than the costs associated with a five-year-old used version.
Similarly, a new Nissan Qashqai will cost drivers £1,472 to run annually, compared to £1,731 for a five year old model, a difference of £259.
Kevin Pratt, consumer affairs expert at MoneySuperMarket, said that when making decisions about whether to opt for a new or used car, drivers may be deterred by the upfront cost of a fresh model, but it can be “the best value option in the long run”.
“Fuel efficiency, servicing costs and improved carbon emission credentials all play a part in reducing the cost of running and insuring a new car.”