New vs. Used Vans

May 15th, 2023

New van finance vs used van finance – let us take you through the advantages and disadvantages.

With the residual production issues throughout the automotive industry leftover from the pandemic and semiconductor shortage, many have turned to used van finance. While this has meant that consumers have avoided the often long waits for factory order new vans from Dealers. This has led to a huge increase in the used van market (up 40% from this time last year)!

Using a long-established company like Global Vans, you’ll be able to access new vehicles, without a massive lead time, or a massive price tag!

Costs of Ownership

The two biggest costs of ownership when you buy a van are depreciation and maintenance. New vans, if treated well, shouldn’t have any faults & should also be covered by a manufacturer’s warranty. Their residual value should also remain strong.

Used vans will already have begun to depreciate and therefore may not be worth much at the end of your lease. An older van may also need more maintenance due to wear and tear.

Reliability

Used van finance could leave you high and dry, with limited warranties and more to go wrong due to vehicle age. Money saved by leasing an older vehicle may not equate to money lost during downtime and on repairs.

New van finance will come with a lengthy warranty on the vehicle. Therefore, offering a financial cushion should any vehicle issues arise.

Economy

Another factor to consider when you’re comparing new and used vans is fuel economy. Newer models are often designed for maximum fuel economy.

Saving yourself money on each journey is a vital part of the total cost of your vehicle. So, considering a new van may save you more than expected.

Emissions

As we all make moves to be more climate conscious, city centres are starting to charge high emission vehicles. In addition to having less of an impact on climate, a new van will adhere to the latest emissions standards.

London’s ULEZ zone charges over £10 a day for high emissions engines. So, you may save yourself money in the long run by choosing new van finance.

New Vans vs. Used Vans

There are benefits to both new and used van leases. Both will allow you to save costs upfront and spread payments across the length of your finance lease. While used vans on finance may seem cheaper, it may cost more for the whole life cost of the vehicle. New vans on finance will come with a warranty and save you money on maintenance, as well as being more economical to run.

If you have further questions about cars on finance, please contact us or call 01179625314 and speak with one of our leasing experts.