Buying a car is a big deal, especially if it’s your first car. But you may be confused about whether you should buy a new car or a used one.
In this article, we will establish the various factors you should consider before choosing either of the two options available to you. You have come this far to get a car, this article would guide you in making the right decision.
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Factors Worth Evaluating Before Making Any Purchase
Price
New cars are generally expensive than used cars. Why? As it should be. If you have a limited budget and can’t seem to get the brand new car of your choice you can opt for a used one.
However, there are different financing options offered by dealers and financial institutions for intending buyers with good credit history So, there is a way to work your way around the price obstacle. It all depends on how much you are willing to spend to get a car.
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Repairs and maintenance
Used cars are likely not to be covered by warranty, so you will have to fork out more money to fix damages, dents, or scratches on the car. For new cars, there is usually a warranty on a new in its first few years of purchase to cover repairs of the car.
It is possible to get warranties for used cars, you can either buy a warranty or go through the route of purchasing a certified pre-owned car to get a warranty.
Salvage value
If you do not have the intention of reselling the car, by all means you can opt for a used car. Depending on the number of previous owners and years of use, used cars usually have a significantly low resale value compared to new cars.
Model of the car
If you are absolutely not bothered about driving a phased-out model, it’s ideal that you go for a used car. Used cars are perfect if you are not looking to buy the latest model of any car. Otherwise, you had better choose a brand new car. It is even difficult to get used versions of the latest models of automobiles.
Insurance
Used cars attract lower premiums compared to brand new cars. The basic idea behind this is that it would cost more to fund repairs on a new car than a used one since used cars are usually of older models.
Safety
New cars are generally considered to be safer than used ones. You may never truly know the level of damage on a used car until after buying it.