Buying a New Car Vs Used Car can be very hectic to decide sometimes. A newbie car buyer goes through all kinds of research and query to purchase the car that suits his needs. Whether buying a small economically friendly car or a high-end car, it requires a lot of investment on the buyer’s part. So, it is a prominent discussion on new cars vs used cars since the time people started buying their cars.
Every individual dreams to buy a car when he can afford it and maintain it in the long run. You may have got a fresh driving license and want to try your luck with a pre-owned car. Or, you may have enough money to buy a car with the latest features and car decoration accessories, then a brand new car will suit your purpose.
Buying a car becomes a piece of cake if you have the right information and you know the basic comparison between a new car and a used one. Owing a car means a lot of responsibility too. You need to avail the car insurance policy which will give you high coverage. Most buyers also invest in good-quality accessories for the car to enhance its features.
To understand the pros and cons of a brand new and a second-hand car, go through the comprehensive detail to get a clear idea:
Benefits of Owning a Used Car
- Affordable Price
Used cars are much more cost-effective if you are planning to buy a car at affordable deals. If you keep some patience, you can buy your dream car at a much lesser price. And this applies to all types of cars from economical to luxury cars.
- Cost-Effective EMIs
A car loan of a used car is quite less in comparison to a new car. Financing options on loan cars have become very easy as lenders provide attractive deals on monthly instalments (EMIs). Thus, loan repayment for used cars is an affordable choice when considering the facts of new cars vs used cars.
- The Depreciation Rate Is Slow
The cost of any new car falls up to 50% by the end of the fifth year. But a used car can give reasonable selling quotes compared to a new car. Thus, the resale value of a used car is much more reasonable due to its slow depreciation rate.
Benefits of Owning a New Car
- Reliability Factor
A new car is equipped with all the latest technologies and you are unlikely to face any technical issues. Due to their high-quality inbuilt components, it commands the reliability element when compared to a used car.
- Maintenance Cost
When it comes to maintaining a new car cost is quite less than a used one. You don’t need to worry for at least the first 6 months to one year as you will also receive free services from the car company. It might vary from brand to brand on the number of services that you get. But overall maintenance cost remains less for a new car vs a used car.
- Coverage Of Warranty
When you purchase a brand new car, the warranty coverage is much standard compared to a used one. The warranty will cover the major components of the car which makes relives the buyer after the ownership. It depends on every brand which may give you additional coverage on some assistance.
Demerits of buying a used car
- Uncovered Warranty
There is a basic con of buying a used car and that is no coverage of warranty. Since most pre-owned cars are liable to reliability standards, an uncovered warranty may pose the threat of high maintenance costs.
- Unreasonable Maintenance Cost
As already evaluated, a used car fails on reliability issues. You can’t avail any free services too when you own a used car. You might face major component issues and would have to replace some components in the long run. Thus, in the battle of new cars vs used cars, a pre-owned car needs much more maintenance costs.
- Missing Out On New Features And Technology
A used car always lacks the new features which are available on new cars. Thus, you might miss out on the safety features or other facilities.
Demerits of Buying a New Car
A brand new car comes into the market at high rates and a potential buyer has to avail of it at the value imposed at that particular time. Thus, it is a costly affair in comparison to used cars. However, you have other advantages like reliability, low maintenance cost and new features in new car vs a used car.
- The Car Insurance Premium Is High
New cars impose high car insurance premiums compared to old cars. It all depends on the value of the new car and to avail full coverage you need to pay high.
- Faster Depreciation Rate
The depreciation rate of a new car is quite annoying as the value of the car falls very quickly. But if you are planning to maintain your car for a long time, this issue is not a prime concern.
Are you still concerned about the deciding factoring of new car vs a used car? Then compare it in terms of cost. You can buy a used car at almost 50% low rates due to the fast depreciation rate of a new car.
Now consider the factors on affordability:
- Used car EMIs are more affordable.
- A new car gives more mileage and thus less fuel cost.
- The maintenance cost of a new car is less.
- The resale value of used cars is more profitable than new cars.
- High insurance premiums for new cars than used ones.
If you planning to buy your dream car soon the above factors might help you in deciding. Stay focused on your requirements and get the best deal. After that, you might want to check CarOrbis for the top-quality car accessories as per your need as they are the best in the market.