If your car has been in the shop more than in your driveway or on the road lately, perhaps it is time for you to consider replacing it. Surely, you could try to pay that high repair bill and hope that it won’t break down again when you take it for a ride. But you know that even though cars are an amenity with a long lifespan, they also need to be replaced after driving insane distances. Buying a car is a big deal because it is one of the biggest tickets purchases you can make in your lifetime. There is a variety of choices available to you, but also a lot of things you need to take into consideration. From the brand to the size, how it looks and what’s under the hood, you have to know what you expect from the car that you are buying.
With regular product launches, frequent model updates and easy access to financing, the automotive market has now an abundance of used cars that you can choose from. So, apart from deciding on the model of your car, you also have to decide if you want to buy a new or used car. A shiny, clean new car does sound appealing, but you have also probably heard from many of your friends that bought a used car that they were more than satisfied with their choice. Some people say that buy a used car is a smart choice in the long run and some believe that buying new is wiser. So, it is a tough choice to make. Here are the pros and cons of buying new or used vehicles to help you pick the car that is right for you.
What is my car for?
Before you start to explore the advantages and disadvantages of buying a new or a used vehicle, you have to determine what are your needs and expectations from the right car for you. Often, those who decide to buy a new car they do so because they value style, brand name, or the performance of a car with lots of horsepower. If you are a fan of car racing, a new car may provide you with better performance when you have to drive fast and be the first to cross a set finish line. Yet, if you are looking to buy a family car or a vehicle to commute with every day, you do not necessarily have to invest in a fast car because the heavy traffic of the city will probably won’t even allow you to drive at high speeds on the road. Depending on your needs, if you are going to drive the car every day to work, you should focus on comfort and fuel economy engine. If you are buying the vehicle for your family, space is another important aspect to consider. Focus on the set of features you will want in your new car and to determine more easily whether a used or a new car is a better choice.
Advantages and disadvantages of a new car
The main advantage of buying a new car is that you are buying a vehicle that comes with a warranty. New cars rarely need any repair in the first few years and the dealer is often offering a warranty that they will pay for the repairs if the car is damaged because of technical troubles. New cars are also equipped with the latest technology meaning that you can enjoy innovative features such as Wi-Fi connection, better gas mileage, connected mobile apps, adaptive cruise control, and rear cross-traffic alert. So, if you are tech savvy, your new car is going to be something incredible that won’t just provide you with safe transport but also entertainment during the ride.
On the other hand, buying a new car comes with many disadvantages as well. One of the biggest disadvantages is that you lose money as soon as you drive it off the lot because new cars take bigger depreciation in the first two or three years. Also, buying new is financially tricky unless you do have a lot of money you do not mind spending because the costs of new cars are rarely affordable for people who earn an average salary. Another drawback is the fact that new vehicle models tend to have more problems simply because they have not been tested enough on the road.
Advantages and disadvantages of a used car
The advantages of purchasing a new vehicle are pretty much obvious for anyone because the car looks great, everything works perfectly, and you will likely have many roads to make before you need to do serious services to it. So, let’s also focus on the advantages and drawbacks of buying a used car. Perhaps the biggest advantage of buying a used vehicle is the fact that if your goal is to save money, buying a used one rather than a new one can save you big bucks in several ways. Due to the fact that the car has a lower value, you will also have lower insurance costs. There is also a better financing availability due to the lower or no interest payments. Since the price is significantly smaller, you can either afford to pay for it in cash or get a loan that is lower and you will be paying less in interest overall.
On the contrary, buying a used vehicle also has its drawbacks such as the fact that the car may not be as reliable or you may need to do more repairs on it. Certainly, before buying a used car, it is wise to research the vehicle with a VIN decoder to review all important details on it such as ownership history, technical checklist, or sale history. Another disadvantage may be that you have to compromise with the features of the car, such as its color, to get the one with the better history and mileage.
The decision to purchase either a new or used vehicle should be based on your needs and expectations from your new car and your personal financial situation.