Cars have been part of our daily lives in the modern world. It is one of the most used methods of transportation, especially for people with families. But cars are costly, and they’re not just something we can buy haphazardly. It’s a good thing there is a large market for cars, and there are many options for you to choose from.
People with large budgets and a need for the latest technology can buy brand-new cars. Maybe you’re looking for a cheaper alternative and are deciding to buy a used car. But which one should you go for?
We’ve written this article in order to help you choose.
Before we head to the benefits and drawbacks of your choices, you must first take note and take these things under consideration:
- Budget – What is your budget for purchasing a car? Make sure you make choices within which you can afford.
- Car Model and Features – What car model do you need? And what features should you have? You may have a big family, and a 5-seater may not be enough for you. Or you may need a lot of space to haul things, thus a truck may be optional.
- Insurance – It is vital to own insurance when owning a car. Make sure to do your research on insurance types and which one you should get.
Make sure you have thought these things through before heading to your nearest new or used car dealerships!
Buying a New Car
You may find yourself eyeing the latest Honda in the market. New cars are the most up-to-date when it comes to special features such as stereo devices or user interfaces. Some cars even have built-in tablets as their car head unit. It certainly is captivating and very convincing whenever you see these being advertised to you.
But is it really a new car that you need? Here are the pros and cons of owning a new car:
The Pros of Opting for a New Car
- It’s Yours From The Start
When you buy a brand new car, you will be getting it straight from the manufacturer from the dealership. This car doesn’t have any miles on it and hasn’t had any accidents. Your new car will be in pristine condition, and it’s up to you to take care of it.
- Updated Safety Features
Since you will be buying the newest car on the market, it will also be equipped with the newest safety features. Newer cars are equipped with rearview cameras, reversing beepers, and the newest airbag and seatbelt technology.
- They’re More Fuel Efficient and Have Cleaner Emissions
Because of newer technology, newer cars are more aerodynamic and are made of lighter materials. This allows your car engine to use less fuel as it carries less weight. The new direct-injection technology also allows you to use precise amounts of fuel, so none of it goes to waste.
Newer cars may also utilize hybrid technology, where petrol engines are combined with batteries. When cars run on these batteries, they do not produce any emissions at all.
The Cons of Buying a New Car
- It’s Expensive
Buying a new car is more expensive than buying a used car. Anything brand new will hurt your pocket more than used items do. If it’s not in your budget, maybe a new car isn’t for you.
- It Depreciates Quickly
When you buy a new car, it loses value more quickly. The amount of depreciation your car gains when you own it depends on the model of your car and how well you take care of it.
- Insurance is Required and It’s Pricey for Newer Cars
Dealerships and financial firms, whichever may be handling your payments, would require you to take out full insurance on your vehicle. This usually lasts until you pay for your vehicle in full.
It is done to ensure that your vehicle will always be in good shape and if ever something devastating happens to you or your car, the costs will be covered, and you don’t need to pay out of pocket.
Buying a Pre-Loved Car Through Used Car Dealerships
Purchasing a used car might help you with your expenses. This could be a better investment for you than getting a brand-new one. This can help you save a lot more over time. It is usual that used cars or pre-loved cars have older versions over new ones.
The majority of the vehicle stock market has its stock parts in case you need a replacement. It is very convenient to have a used car, especially if you are investing in other things other than an automobile.
Here are the pros and cons of having a pre-loved or a used car:
The Pros of Getting a Car Through Used Car Dealerships
- It Costs Cheaper than New Cars
Buying a used car is about 10 to 70% cheaper than buying a new one. Also, you won’t have to worry that much about depreciation since much of it has already happened during the former ownership. In case you’re needed to replace a part of the automobile, you can get a replacement in the automobile stock market.
- Insurance is Generally Cheaper
Since buying a used car that was insured by the former owner, the car dealer can also expand its coverage for insuring your vehicle.
The Cons of Getting Second-Hand Cars
- It Already Has a High Mileage
Used cars have likely to have higher mileage. The lifetime of the vehicle could be very limited if its mileage is very high and very used. The effect of high mileage could result in you replacing some of its parts. Due to high mileage, you could potentially be paying the same price as a new one.
- It Has Older Technology
Every year, the technology for automobiles improves. When purchasing an older version used car may make you spend more. There are chances if you buy a used car with older technology will give you less reliable resources. This can give you a hard time manually troubleshooting your automobile.
- It Requires High Maintenance
You shouldn’t expect a lot when buying a used car, especially if it wasn’t properly maintained. Unfortunately, there are owners who don’t declare some other issues to the car dealer commissioners. This could result from many issues or worse, like buying a brand new one.
Conclusion
Buying both new and used cars have its benefits and drawbacks. You can refer to our pointers above if you need to refresh the pros and cons of doing so. In the end, it is ultimately up to you.
If you have the budget and are capable of buying a new car, then you can go for it. But, if you want to be thrifty and just need the basics of having a car, buying a used one is the way to go!
