New Or Used Car: The Pros And Cons Of Each
Posted by admin at 5 April 2018, at 17 : 06 PM
As with anything in life, there are pros and cons to your car buying decision. For most of us, buying a used car may make better financial sense in the short-term, especially if our income is low and we don’t have the means to pay out on a financing deal. On the other hand, a new car may be the better choice. Aside from that new car smell and street-cred, there are all kinds of perk to owning the latest top of the range vehicle. So, what should you go for? Here are the pros and cons to both used and new cars.
Used Cars: The Pros And Cons
Pros
1. Buying a used car is cheaper. It may not be as flashy as it’s model upgrade, but you may not need all the fancy bells and whistles that come with the newer edition anyway. Why pay extra for these added perks when all you want to do is get behind the wheel and drive from A to B every day.
2. You can still buy an attractive used car, and if it’s built within the last couple of years, you are getting something that closely approximates the latest model. You can get yourself a bargain if you shop around, and if you do have your eye on one of the newest motors, wait a year or so until the price comes down.
3. Should you buy a recent model second-hand, you can also take advantage of the motor plan and warranty which will be transferred in the sale. This is great for your peace of mind, especially when you unsure about the reliability of a second-hand vehicle.
4. You have a vast number of places to shop from away from the branded factory shops. Look online at sites such as Craigslist or shop here for a professional dealership. Then visit auctions, buy trade magazines, or look at the ads in your local paper. You need to be wise in your buying decision, but you are not limited in your buying choices.
Cons
1. You need to buy from a reputable seller, or at least have the car inspected by a professional mechanic to ensure it’s safety, as you may end up buying something only befitting a scrap yard. If you only take the seller’s word for the car’s reliability, you may run into trouble later on when out on the roads.
2. If the car is more than five years old, the warranty and service plan may have expired. While a second-hand dealer will normally offer you a year’s warranty or so, this is much less than the warranty given to a new car. On the other hand, if you buy from a private seller, such as from the classified ads, you are unlikely to get any warranty at all.
3. While you don’t need every modern car feature currently available, a used car may be missing some of the latest tech that is considered near-essential today. Certain safety features may be missing, and you are unlikely to have access to the latest driver-assists that are proving a godsend to many drivers on the roads today.
New Cars: The Pros And Cons
Pros
1. You have the latest car on the market, and you are almost guaranteed to have the best tech available, both inside and outside of the car. Not only will you have access to the latest safety features and driver-assist systems, but you might also have some of the latest innovations available to enhance your driving experience.
2. You will have added peace of mind. Not only will you be safer on the road in a new vehicle, but you will also have the warranty and service plan as part of the package when you buy. If anything does go wrong, you will be covered for the next few years (provided your crazy driving isn’t to blame).
3. You are doing your bit for the environment! New cars are fitted with green technology, so you will be using less fuel due to the changes in engineering, and you won’t be spitting out toxic fumes. Not only are you saving the world, but you are also saving yourself money in the long-run, despite the initial expense when buying something fresh off the manufacturing belt.
4. You have more say in the customisation options. Depending on the brand, you will be able to choose from a range of colours, select the sound system, and have access to any add-on features provided by the seller.
5. It’s a new car. You’re behind the wheel. YOU WILL LOOK AWESOME!
Cons
1. This is a no-brainer, but you are going to break the bank (unless you’re made of money). Of course, financing options are available, but in the short or long-term, you are looking at a hefty sum of money.
2. As soon as the car leaves the shop floor, it will start to depreciate. There are ways to add value to the car of course, more so than a second-hand purchase, but you may never get back the initial sum you paid out in the first place.
3. It’s a good job a new car is equipped with safety features, as the latest models are desirable by thieves. While they are less likely to go for an old banger, your expensive purchase is going to catch their eye when it’s parked on the road. Do yourself a favour and add any security extras to protect your prized purchase from sticky-fingered miscreants.
Final thoughts
So, what should you go for? A second-hand car is cheaper at the outset, but it may cost you more in repair bills down the line. A new car is a nifty status symbol, but with all the added tech and gadgetry, it will set you back a bit in costs initially. Having read our pros and cons, you may have made a decision. Whatever you do, shop around, do your research, and check with your bank manager before you open your wallet. This is one buying decision you don’t want to regret later on.