Should I Buy a New Car or a Used Car?
Deciding between a new car and a used car depends on a number of factors. Both have their advantages and disadvantages that must be determined and evaluated before making a decision. Below, we are highlighting the positives and negatives of new cars and used cars to help you make the right decision.
Buying New Car
With clean interior and shiny pain, the curb appeal of a new car is quite enticing. A new car is a status symbol often through which people identify you. There are certain benefits to buying a new car.
Why Should You Buy a New Car?
You should buy a new car because it is new. Most of them come with a good reliability record. Moreover, if you experience any problem, it can be covered under warranty. Purchasing a new car also implies that you don’t have to worry about how it was handled before it came to you.
Many cars also come with roadside assistance, saving money, and providing you with peace of mind. So if you are stranded on the highway, you don’t have to worry about towing expenses.
Another benefit of buying a new car is that you are likely to get high fuel-efficient standard and advanced safety specifications, including structural reinforcements, side-curtain airbags, etc. Many car dealers also provide financing programs with minimal or no interest rate if you exhibit good credit. This will make buying a new car less expensive.
Why is it a Bad Option?
Buying a new car can put you in financial stress. Additionally, they also depreciate as soon as you drive your new vehicle out of the curb. Within the first year of ownership, your car will lose most of its value. So you will end up with higher debt and a vehicle with a lower value than you had purchased it for.
Buying Used Car
While used cars do not have the allure of the new cars, they certainly offer a better financial deal. There are many benefits to buying a used car.
Why Should You Buy A Used Car?
Buying a used car provides you with an opportunity to save money. A late-model would today cost you half the price of the new one. Additionally, a pre-certified dealer program provides you with reliable warranties like the balance of the factory warranty and allows purchasing an extended warranty. When you purchase a low-mileage, late-model, you are not losing much of the new car charm.
Why Shouldn’t You Buy A Used Car?
Even with the warranties, the user car holds a certain degree of unreliability. You have no idea how the car was treated by its previous owners. The car might look perfectly sound; however, you might need to focus more on its maintenance sooner as opposed to a new car.
The eventual decision to buy a new or used vehicle depends on multiple factors. To buy a new car, you must have reliable financing options and the ability to bear long-term implications. Additionally, your preferences also play a huge role in determining whether or not you should opt for a new car or used car.