One of the most important decisions of one’s life after buying a house is generally about buying a car. So much so that one spends months and sometimes years to decide which make, what mileage and which category of car to buy? While almost every relative and finance guru would advise you to buy a used car if it is your first, there are certain factors that need to be kept in mind while making a decision.
Advantages of buying a new car
It is always wise to remember that value of cars depreciate very quickly. With numerous manufacturers producing abundant cars almost every 2 years, it becomes quite evident that individuals are always on the lookout for a newer updated technology with innovative and functional design factors. Moreover new cars are more reliable compared to older ones in terms of usability. That is they have minimal chances of breakdown as they are fresh out of the factory. Time is a major factor that comes into play while deciding to buy a car. While new cars have very clear specifications, old cars need to be inspected for possible wear and tear, any insurance claims and so on which can become quite time consuming. Resale value of a car is a pointer that many have in mind while buying a new car. The resale value of a new car would always be much higher than that of a second hand car. This would mean an increase in your cost of ownership. On the insurance front, the values for the old and the new cars are quite different. New cars generally have lesser insurance premium to be paid than older used ones. Monetary consideration also seems to be in favor of buying a new car thanks to myriad financing options now available in the market. On the technical front, you can be rest assured about getting the latest driving technology, best safety features and appreciative mileage.
Advantages of buying an old car
The most cited advantage of buying an old car that well wishers give and one totally agrees to is the possibility of damaging the car specially if it’s your first car and you are a novice driver. It would save one from the heartache of seeing a scratch or a dent on the newly acquired freshly colored car than a used already worn down car. Financially buying an old car can be a more viable option if one is low on cash to be paid as down payment. The down payment of a used car is always lower than a new car. Also the interest charges on the old car will be on the lesser side compared to a new car if you plan to take a loan. While buying an old car you are assured to get a tested car in terms of drivability and would also like to set your hands in terms of driving capability rather than trying your novice hands on a power steering that might become difficult to handle.
While the debate for buying new car v/s an old one would never die, it is a decision that is totally personal in nature depending upon above mentioned factors.
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About Charanpreet Singh
I am Charanpreet Singh, Content Developer by Profession with 4 years of writing experience and Writer & Photographer by passion. My writing skills and learning urge gave me the required coverage to work with Big Names in the market. Love to write, explore new stuffs, social media enthusiastic, Techno geek and last but not the least, a bulleteer...!!
