When it comes to buying a car, you have a variety of choices to choose from. You not only have to pick the make and model, but you also have to decide whether to purchase a brand new or used car. The decision to buy a new or used car can make a big difference and so you need to take the right approach. Your choice will depend on your preference, financial capability, as well as the ability to secure a loan. You can find new and used cars in your nearest dealership, and you only need to locate a reputable dealer. Below are the benefits and disadvantages of buying new and used vehicles.
Advantages of a New Car
We all love to own brand new things, and this is no different when it comes to cars. That smell and feeling of driving a brand new car are thrilling enough to make one drive brand new. Among the many benefits, when you buy brand new, you are sure of the quality of the car as you’re the first owner. You also get a warranty of up to five years depending on the make and model. Some manufacturers will as well offer free insurance as a way of luring people into making a purchase. Financing options are unlimited when you buy a brand new car. Also, new cars will come with the latest technology and best fuel economy which is a plus.
Disadvantages of a New Car
There are not many disadvantages to buying a brand new vehicle. However, the most significant drawback is that new cars are costly. Whether purchasing in cash or financing option, you will spend a lot of money. Also, new vehicles depreciate at a very high rate, and so if you decide to sell the car after a few months of use, you will incur a huge loss. Also, with new cars, you are the first user, and so you do not know if there are manufacturing faults that would cost you later.
Advantages of a Used Car
With a used car, you have many things to smile about. First, you will save a lot of money. Secondly, a used car does not depreciate as quickly as a new car, and so if you decide to sell the car after a few months of use, you might sell it at the same price you bought it. Another benefit is that many financial institutions offer to finance and so you are not locked out of loans if you go for a used car. Another advantage is that since it is second hand, you already know if there are problems with that model and you will be prepared.
Disadvantages of a Used Car
A used car also comes with many disadvantages. First, you’re not sure if the previous owner took good care of the vehicle nor why he/she is selling. Secondly, if you buy a very old car, you will not benefit from financing and warranties. Also, a used car can cause you lots of pain when it comes to sourcing spare parts. The fuel consumption of used cars is also high compared to the new models.
As you can see, new and used cars come with dos and don’ts. Therefore, you need to weight your options and only go for what works for you. There is no better option than the other. It is all about convenience.