Today, you now have a lot of options if you wish to own a vehicle. Aside from choosing the make and model, you can also decide if you should purchase a new or secondhand car.
If you’re not sure which option suits you, you can check out our short guide below. We rounded up all the key considerations in buying a new or used vehicle.
New Car: Pros and Cons
Unlike most second-hand vehicles, new cars are equipped with a warranty. Hence, you won’t need to worry about repair costs. All you need to think about is the regular maintenance cost after you reach the prescribed mileage for car tune-up.
The second most obvious advantage of owning a new vehicle is that you don’t have to deal with hidden engine and car body damages or weird stains and odour. The engine reliability remains high for the first few years of usage.
Also, you can enjoy better mileage, lower carbon emissions and the latest technology and design.
New models are better equipped to prevent accidents. The most up-to-date car models come with brake assist, multiple airbags, rearview cameras and lane departure warning systems.
However, new cars tend to cost more than used vehicles. You need to pay high upfront fees and additional tax charges and expenses.
You also need to consider value depreciation.
Because car manufacturers tend to release upgraded models each year, older models lose their value faster. In most cases, the depreciation rate of cars reaches up to 40% after three years.
Additionally, to keep the warranty valid, you must invest in a regular car servicing routine. Usually, car dealerships designate a specific shop for the maintenance service. If you fail to adhere to the strict terms, the car dealership may cancel the validity of your warranty coverage.
A lot of people, most especially those who don’t mind spending extra money, prefer to purchase a new vehicle because of the lower chances of ending up with a bad investment.
Advantages and Disadvantages of Buying a Used Car
A lot of people who don’t have enough budget to buy a new car opt to use second-hand models instead. You don’t need to pay an insanely high down payment fee and monthly loan premiums.
It’s also a budget-friendly option because you don’t have to worry much about depreciation costs. For example, if you purchase a used vehicle for $15,000, you can sell it for $10,000 after three years. As such, you can easily sell your car to buy a new model.
Another advantage of buying a used vehicle is that you don’t have to pay expensive car insurance premiums, especially for comprehensive and collision packages. But for those that want to insure their vehicles, you can always try to scout and compare different car insurance providers.
But of course, there are some disadvantages that you need to consider.
For most drivers, they complain about the reliability of a used vehicle. While most car dealerships provide free history reports, others don’t offer this option.
Requesting for a history report is an additional cost. As such, many drivers don’t know the potential damages to the engine or other components of the vehicle.
If you’re a techie person, you have to accept the fact that the second-hand vehicle you will purchase doesn’t have the latest technological upgrades. It may not have a GPS, forward collision warning system or adaptive cruise control.
Also, used cars tend to produce higher carbon emission and consume more fuel. If you want to get more out of your money, carefully consider the model. Select a model that has the basic features that you want.
Feel free to consult with your car dealership. They might have the model that you prefer.
As much as possible, you should also bring a seasoned technician with you. He needs to assess the overall condition of the vehicle before you say yes to a car dealership.
Used cars tend to be a risky option, most especially if you don’t have a trusty mechanic with you. It’s hard to determine the real condition of the vehicle without the aid of an expert. The previous owner of the vehicle or the car dealership might have deliberately hidden damages so they can sell the car faster.
Last words of advice
There is a plethora of car models, makes and brands available in the market today. You also have the option to purchase a new or used model.
To ensure that you get the best deal, you need to have have all the necessary information needed to make a sound decision.
Study your options carefully and weigh their advantages and disadvantages.
Also, consider your needs and goals. Do you have enough money to pay the monthly fees? Is it okay for you to spend a lot of money on the latest car model? Do you only want a temporary ride?
Don’t forget to consider the features. Are their specific features that you want your car to have?
We hope our short guide can help you decide whether you should buy a new or used vehicle.
Cat is a writer that lives in merry old England. Being raised in a family of car mechanics and salesmen, she has been exposed to engine grease and vehicle smoke ever since she was little. By day she works for Quoteradar and by night she contributes to websites that feature car blogs. Read more of her work here at https://www.trionds.com/
