Whenever we plan to buy a car, the first question that comes to our mind is ” Whether to buy a new one of go for a used car? There are some advantages as well as disadvantages of buying a new car over a used one.
PROS OF BUYING A NEW CAR OVER AN USED ONE:
CHOOSE AS YOU WANT:
When you buy a new car, you get the exact things which you want in your car. You have entire access to your dealer’s inventory and you can choose accordingly. You can also go for a customized vehicle. Apart from that, sometimes it is also possible to get many additional upgrades at little or no cost.
Buying a new car will also get you favorable loan terms. The loan rates are low for a new car compared to a used one. Apart from that, your dealer may be able to provide you with many perks. If you have a good credit history, then almost all the major car companies will give you loans at zero percent interest rate. Also, sometimes they will give you loans with zero down payments. Great offers generally come every year during the festive seasons. You can take advantage of them.
If you buy a new car, obviously you will get all the latest products. Due to the constant improvement of technology, the multimedia and the navigation systems are also improving. Apart from that, new cars have all the new, enhanced safety features. Hence, it is better to go for a new car if you want all the latest technology in your car.
WARRANTY AND MAINTENANCE:
In a new car, you will get a much longer warranty period. There is an option to buy warranties for used cars as well but the best warranty comes only when you buy a new one. In some of the new cars, especially the luxury ones, the maintenance charges are also free for a certain period of time.
When you buy a new car, you just have to select the model and then the rest of the work will be done by the salesman. But, while buying a used car, you will have to go through a lot of difficulties. You will have to search through various websites to get the best price, talk with different sellers, and also have to visit the seller to make sure that the car is good enough to use.
PEACE OF MIND:
The most important benefit is the peace of mind a new car gives you. It hasn’t been used before; you don’t have to worry about any previous accidents or wear and tear. It also comes with a clean history. Apart from that, most of the new cars are also fuel-efficient and they are also environment friendly when compared to the used ones.
CONS OF BUYING A NEW CAR OVER A USED ONE:
The main reason why everyone buys a used car is obviously because it costs less. While buying a new car, in most cases, you may have to pay a huge down payment. Apart from that, there is also the constant pressure of the monthly installments. In order to avoid all these worries, people go for a used car.
Car is a depreciating asset. The value reduces with each passing month. Going by the general rate, a new car will lose 30% of its value in the first two years. In case of some models, the rate can also be as high as 50%. Hence, since the value anyway decreases with every passing year, may people prefer a used car.
Obviously, you won’t get as many options as while buying a new car. But to think that there will be few options is completely wrong. Thousands of people are willing to sell their car because of rising petrol costs, maintenance charges or other reasons. There are lots of websites specially dedicated for the sale of used cars. If you do the proper research, then you will definitely get the model of your choice. And if you are a big fan of any old model, then obviously this is the only option.
While buying a new car, you will have to pay lots of taxes. In most cases, the registration fee of any car is based on the model’s year. If you have a used model, the rate will be low. Plus, you will also have to pay a hefty amount of sales tax. Apart from that, the dealers charge crazy fees. The shipping charges, destination fees and other miscellaneous expenses add up to a lot of money.