Choosing Between a New and Used Car
While buying a new car is always fascinating, you should try to understand that it doesn’t essentially make pecuniary sense all the time. Investing money in a used car not only saves you a few bucks, but the car also depreciates much slower.
Herein, we take a look at the various pros and cons of buying new and used cars to identify which one you should go for.
Pros of buying a new car
Undeniably, this is the greatest difference between new and used cars. Being the first owner of a brand new car, you do not have to worry if the car is in good condition and mechanically sound.
No initial maintenance required
When you buy a new car, you do not need to get a maintenance check done for at least six months or for a few thousand kilometers. Also, you can avoid frequent visits to the garage for repair.
A brand new car is up to date with the latest accessories, technology, and equipment.
Free roadside assistance
Another difference between new and used cars is free roadside assistance that can be availed in case your car breaks down by simply dialing a toll-free number, given to you by your dealer.
Cons of buying a new car
A new car depreciates by 20-30 percent as soon as it gets out of the showroom. In comparison, a used car depreciates slowly over the years.
Pros of buying a used car
Cost is indubitably the most significant difference between buying new and used cars. The cost of a used car is much less and thus, it is always a pocket-friendly option.
Because used cars depreciate much less, your overall cost of depreciation doesn’t come out to be a lot. This is helpful when you plan to resell your car.
Road tax for a used car has already been paid off.
Insurance The insurance amount for new and used cars vary a lot. For used cars, it is generally less.
Certified pre-owned cars
A lot of dealers now offer certified used cars that are available after thorough inspection and change of parts to ensure a smooth and enjoyable experience. In some cases, these cars are also cosmetically improved by the dealers.
Cons of buying used cars
Technology is ever-evolving and chances are that the car you plan to purchase comes with outdated features, specifications, and accessories that will not give you a new-car experience.
Regular Maintenance: Used cars need regular maintenance that drains your cash balance in no time.
Legal Issues: Many times, used cars come with legal issues such as previous accidents, etc.
These afore-mentioned pros and cons should help you in deciding between new and used cars.