Pros And Cons Of Buying New Versus Used Cars
If you wish to buy a new car, there are lots of choices available in the market. Apart from selecting the model and make of your car, you also have to decide whether you want to buy a used or a new car. Indeed, this is a crucial decision to make. It can make a difference in your finances over the years to come. You have to realize that buying an automobile is not an investment, unlike the rest. The options that you have can be determined whether or not you are qualified to have a loan or you will have to pay the amount in cash. In this article, we will discuss the pros and cons of buying a new car versus buying a used car.
Pros of Buying a New Automobile
One of the advantages of buying a new car is that you are assured that it comes with a warranty. The majority of the new cars will have very few repairs in the first years. As such, you will only have to focus on the car’s maintenance. The dealer can also give you financing with a low-interest rate. With this, it can reduce the interest that you have to pay throughout the entire loan.
New cars feature the new technology. You can find cars in the market with lower emissions and better gas mileage. You can buy hybrid cars and reduce the money you spend on transportation for every month. Moreover, new cars feature the ability to connect to your phone and other gadgets easily.
Cons of Buying a New Automobile
As soon as you drive your car off your lot, you can lose your money. New cars depreciate their value in the first two to three years. This only means that you are just throwing away the money that you have and you will never have it back. Financially speaking, it does not make any sense to buy a new car unless it does not matter if you are losing all your money.
With a brand new model, the manufacturer can switch engine in another year. They can alter the model and design in the next year and you will have problems in repair. But if you buy used cars in apex, this won’t be a problem for you.
Pros of Buying Used Automobile
If you buy used cars in apex, you let someone else handle the biggest depreciation that can happen on a car. You can be able to sell your vehicle for nearly the same amount that you paid for it several years from now. You can find available financing options via your credit union or local bank. Since you are not losing money on depreciation, you can have zero interest loans which you cannot avail for a new car.
Cons of Buying Used Automobile
Sometimes, it may not be as reliable and you will have to do more repairs on used cars. But you can have the option of buying a Certified Pre-Owned Cars at several companies. Moreover, you will have to compromise the color of the car to select the one with better mileage and history.