Sure, you are aware that new cars depreciate its value every year or every new model is out on the market, right? So the question is – is it worth to buy a new car? Or would you rather choose a used car instead?
To be honest, a true money-saver person will always choose to buy a used car compared for a new one. Simply because they know that cars over the year depreciate its value by thousands of dollars. But sometimes, for a car enthusiast and to others, buying a new car isn’t as bad as they say.
Looks like a tough decision to choose from: Used cars or new cars?
Well, this article will uncover all the information you need to know about used cars and new cars. Then, at the end of this article, you’ll have your own conclusion on which one would be the best option for you. The decision is for you to make, your money, your choice.
The Advantages of a New Car
- New cars have a manufacturer’s warranty
- New cars have no previous owners (well it’s pretty obvious, no accidents and mechanical issues)
- New cars have low financing rates (depending on the chosen lender)
- Fewer maintenance fees
The Disadvantages of a New Car
- New cars are indeed more expensive
- Easily to depreciate
- Inconsistent reliability for the model and make
- Of course, higher tax and higher auto insurance premium to pay
The Advantages of a Used Car
- Used cars are of course, less expensive
- Used cars have slow-moving depreciation value
- Used cars have lower tax and auto insurance payment
- Consistent information based on consumer reports and etc.
The Disadvantages of a New Car
- Used cars might possibly have unknown accidents or mechanical issues
- Used cars have usually higher financing rates
- Used cars have usually a higher dealer markup
- And of course, since it’s already a “used” car, it has a higher maintenance costs
Why Buy a New Car?
If you have huge savings with you, then go with a new car. Especially, if you are financially stable enough to finance yourself, then do it. New cars have a lot of advantages to choose from, as what was mentioned above, besides you are the first owner of your dream car.
Though new cars are easy to depreciate its value, the most important is, you are the first owner – and that’s something to be proud of. The driving experience will be smooth, the engine, coolant, lights, sounds, and the technology are all intact and upgraded.
Why Buy a Used Car?
If you don’t have enough savings but wanted to buy a car for your convenience, then buying a used car will be the practical option for you. Like what was mentioned above, buying a used car also offer lots of advantages. And of course, buying a used car will always be the practical option for penny pinchers.
You may not be the first owner of the vehicle, but you have the option to make them good as new as the brand new cars. You’ll not be upset if the car will get small dents, scrapes, or scratches because you know that the car is not brand new.
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