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May 6, 2015

Buying Used VS New: How To Choose

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When you’re looking to purchase your first car or replace your current one, it is important that you find the one that best meets your transportation needs and fits your budget. As you begin your search for the right car, there are two clear choices to pick from: buying a brand new car or getting a used one. There are pros and cons of choosing either of the options, and knowing what to look for makes the decision less risky and much easier.

Benefits Of New And Used Cars

The new car smell is not enough reason to make you spend more on a new car than a used one. Buying a brand new vehicle allows you to choose the exact specification you want, and you can even get a factory-customized car. In addition, new cars feature the latest automotive and technological advancements, including safety features, like electronic stability systems and airbags, fuel-efficiency, and optional in-car gadgets.

Other advantages of owning a new car include manufacturer and dealer incentives, such as a full-warranty package or sweetener deals like low-interest financing and rebates; zero mileage, which means that there is no unknown history to worry you; and additional peace of mind knowing that you are not likely to need mechanic visits any time soon when you have a new car.

On the downside, most breakdowns in new cars usually arise from electrical faults that cannot be easily fixed at the roadside, which can be inconveniencing. Also, new cars cost a lot more, depreciate fast, and lose about 65 percent of their initial value by the fifth year of ownership. Since new cars cost more, their insurance also tends to be much higher than for used cars.

There are two primary benefits of buying a used car: first is the enormous breadth of choice, considering that annual used car sales are several times the annual sales of brand new cars; and second is that they are relatively inexpensive. Buying a used car lets you avoid taking the huge financial hit of depreciation, since new vehicles typically lose around 20 percent of their value as soon as they leave the showroom, and few are worth more than 50 percent of their purchase price after three years.

The introduction of very long factory warranties has also increased the appeal of used cars, enhancing peace of mind for those who prefer to buy used cars. If you purchase from manufacturers’ approved used schemes, you can enjoy the customer experience of shopping for a new ride.

The biggest downside of opting for used cars is the uncertainty about the vehicle’s history, due to the increased cases of clocking or tampering with genuine – recorded – mileage.

Usually, when people are torn between buying a new or used car, they go for the nearly new cars. This option offers the best of both worlds, so you enjoy the benefits of recent technology in safety and fuel-efficiency, and pay less for them.


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