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Should I Buy Used Car or New Car?

Every financial guru will recommend to buy a used car rather then buying a new car. But not everyone agrees to that recommendations, Here is why!

One of my colleague told me of his story about owning an old ford mustang he drove to university and everyone would make jokes about his car, The car was old and used the condition wasn’t good. He had it from 5 years and was working condition. He decided to sell it online, so He placed as Ad with price value of $1000. Within an hour there was calls after calls and that was when he decided to research online and turns out to be worth above $20,000 in better condition but his car wasn’t looking great and after a day or 2 he ended up selling it for $13,000. Having an old car doesn’t seems to be of great value but it really depends on the type of car.

Should I buy used or new car

Lets find out why financial gurus suggest buying used car

We found it hard to believe that every financial guru is recommending buyers to purchase a used second hand vehicle rather then brand new. There are few reasons to back up that statement:

  • Used cars are cheap to buy
  • Value of new cars depreciate as soon as driven out of the dealership
  • The insurance and ctp is cheaper
  • Cheap to repair

Every new drivers are encouraged to buy second hand cars of course if your budget is more then considering a new car is an option.

Most people like myself disagree,

Why Should You Buy New Car

Buying a new car is much better, It will last longer, Often dealership offers warranty and road side assistance. Below is a list we created to ensure making the right decision between buying used or new car.

  1. Reliability. New cars lasts longer and is reliable whether going for a long driver or in the city. It doesn’t break down easily and is safe to drive. There are features that notices you of any faults or issues, that makes it easy to know of any issues. Moreover nowadays teenagers likes car’s technology that is up to date and if your buying a new car then expect latest technology.
  2. Price. Buying a new car does cost more but the features you get is worth it. Eg: $20,000 you can buy a brand new car from Toyota.
  3. Condition. Almost every new car owners love their car, Everything is brand new and above all your not buy a crap that would break down every week. There is an old saying “Your old car becomes your pocket’s friend” You always have to spend money to keep it on the road.
  4. Buying used car. 1 benefit of buying a new car is that you can purchase it on finance and repay through installment.

What to watch when buying a car

As outlined on our previous blog: How to check used car before buying”  There is checklist before buying a car and if you’ve got all the list checked then don’t miss out.

Companies such as Active Car Removal buy old car that is no longer required for good amount of cash up to $9999.

 

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