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Cars are nothing short of a basic necessity now. And now and then, one feels the need to upgrade to a new car. Of course, we might have to downgrade in some unfortunate cases due to financial distress. However, mostly we switch from our current car to a better one.
It is not a big deal if you make bank. You can pick any car your heart desires at a dealership, do some paperwork, pay the money and drive off in your new vehicle. Although, most of us are not that blessed. We work long and hard to save our money, dollar by dollar. And then finally, when we feel the need to upgrade to a comfier, better car, we hunt the markets for a new car with best used car financing.
Choosing a car is not an issue for most of us. But there is one point that stumps us all. It is to decide whether which would be better. A used car or a brand new one?
New car for the win, right?
Who does not want a brand new car? We all love the fresh smell of a new car. Apart from the smell, we rest assured that the vehicle is mint. It has never been on the road before, and we are the first owner. The factory warranty also lets us have a sigh of relief. The car has all the latest features, and it is convenient since there will not be any maintenance costs for a while.
But we always forget that there is always the other side of a coin. So let us consider some drawbacks of buying a new car.
It isn’t cheap!
Straight off the bat, most of us need to keep in mind our designated budget for buying a car. Since we have decided to buy a new car, we must remind ourselves that we could have afforded a better car in the same price range, but it would have been second-hand.
Jaw drops when the price drops.
Being the first owner of a car can be liberating. You do not have to worry about the car breaking down in the middle of the road. Although, it is a painful reminder that the value of the vehicle you just bought drops over time. In a couple of years, your vehicle will not be worth as much as it is now, and that hurts every new car owner.
Finances, insurance, and everything in between
Let us assume you took out a loan for the car. You have to pay a specific sum to your lender monthly. You do not seem to mind it in the starting months. However, as time progress, every car wears down. The vehicle will get scratches; the flooring might get stained. But still, you need to pay your installments up. The insurance cost of a new car is also much more than a used car. All these factors make you wonder if a new car is worth it or just a temporary peace of mind?
Used cars for the win, then?
As it is established, new cars can prove to be advantageous, but they have certain drawbacks to them as well. Automatically, the next best option is buying a used car. Nevertheless, it makes sense to buy a used car rather than a new one. It is much cheaper, and it costs lesser to get it insured. Unlike new cars, used vehicles have already lost their value as “new cars.” It does not bother us to put our used car on the market for sale because we already bought it at a lower price. Even then, we need to consider a few things before making up our mind that used vehicles are better than new ones.
One man’s trash is another man’s used car?
It would be best to be highly vigilant about the car’s condition. It is often the case that people put the car up for sale if it needs an engine repair etc. Therefore, it is best to conduct a thorough inspection of the vehicle before setting up a deal or offer.
Lower mileage
Mostly, used vehicles have a beat engine. It results in low mileage. It directly affects the entire driving experience.
Maintenance and newer features
Depending on your budget, a used car will not be up-to-date with the recent features in the automobile industry. Still, you can always get them installed at your expense. Granted, it will increase your spending on the car. As the vehicle is not certified pre-owned, it does not undergo inspection before being put up for sale. A used car can make you visit the workshop every other day unless you put in the effort and rigorously check the vehicle before bringing it home.
