A personal car is a necessity nowadays. Apart from the fact that it is one of the most prized possessions and represents your style statement, you want your vehicle to compliment your personality. At the same time, it has to meet your expectations regarding performance and pricing. Choosing between a new car or a used one sometimes becomes confusing for first time buyers. Let’s find out the advantages of both options to help you make the right decision.
The Advantages of a New Car
• The most significant advantage of a new vehicle is that it has not been owned by anyone else before. That means there is no wear and tear, no stains in the interiors etc.
• Since you are the primary owner of the new car, you can modify its exteriors and interiors with additional accessories or color patterns. No need to compromise on previously selected colors and other add-ons.
• The auto industry keeps evolving every day. There are new technologies like multimedia audio video player and navigators pre-installed on new models. Performance-wise, auto companies keep refining the performance standards with every new model, making them better, faster and more efficient.
• Since a new car is in mint condition, you can expect higher fuel efficiency, mileage and power in its performance. The risk of pollution emissions is also minimal, making it an eco-friendly choice.
• Banks offer better interest rates for new vehicles since the depreciation impact will not have hit it yet. Although the purchase cost may be high, you can save on interest charges.
• Most new cars come with a comprehensive warranty for the initial purchase period from the manufacturer side for replacement and free repair of any damaged or faulty parts. They also offer complementary services for maintenance which is one of the major attractions of a new car.
Price-wise, buying a new car can be very expensive, and you may require financial assistance to pay off the value over the years. The cost of insurance is also comparatively higher for a new vehicle.
The Advantages of a Used Car
• Lower pricing is the most attractive benefit of used vehicles. You can get a model of your choice at a much lower price as a used car than a new one.
• The steepest decline in depreciation happens in the first year of the car being bought. If you are buying a second-hand car, you will not need to worry about the depreciation hit. Also, a chip off of the paint job, or scratch won’t bother you, offering you more mental peace
On the other hand, you may need to be careful regarding a few things for used vehicles. It includes the distance run already, the condition in which the previous owner has kept the car among other concerns. Since car insurance is affected by the life of the vehicle, one should do a pre-purchase study on the insurance liability for the car to avoid unnecessary insurance problems. Another issue is that unlike a new vehicle, you won’t have manufacturer’s warranty, meaning you will have to bear the cost of all repairs.