Purchasing a car starts with one decision: New or used? There are many good vehicles out there either way. If your budget is low, buying a used car fetches you a good dependable vehicle for less money. You can count on one hand the number of new cars that list for less than $14,000. However, for less than half the price of a new car, one can buy a used vehicle of a similar make and model that is larger and loaded with more features than a small, bare-bones new one.
However, Buyer beware:
Buying a used car has its own risks. The fact is, you are buying a vehicle that someone else drove and maintained during its previous lifetime. You never know how it was driven or how well it was cared for. A used vehicle almost always requires maintenance and expensive repairs in the short haul than a new one, and those repairs probably won't be covered by a warranty.
The Case for Buying a New Car:
For some people, buying used isn't an option, they always want a brand-stylish new car. They want to select the colour and the features in it. There's definitely a pride of ownership and peace of mind in being a vehicle's first owner.
Some other major advantages include: Reduced maintenance cost:
A new vehicle usually doesn’t need any major maintenance for the first several thousand miles, and then, an oil change and tune-up will be required. Many manufacturers cover the cost of those routine maintenance items. For a new vehicle there is usually no need of new tires, a battery, exhaust system or brake pads during its first few years of ownership.
Manufacturers usually provide warranty on a new car for an average period of three years and some warranties last much longer. Under a manufacturer's warranty, if something goes wrong with the car, it's the responsibility of the dealer and manufacturer to fix it. Typically, these bumper-to-bumper warranties last anywhere between three years or 36,000 miles to five years or 60,000 miles. Additionally, there is also comprehensive warranties with coverage for powertrains. However, if you are buying a used car, then what's left of the warranty may (or may not) be fully transferable.
These days, virtually all mainstream manufacturers of new cars, and light trucks come with some level of free roadside assistance while the vehicle remains under warranty. In addition, some automakers and insurance firms provide a relief vehicle or reimburse the cost of hiring one. When the vehicle needs repair and maintenance at a dealership.
The Case for Buying a Used Car: Guaranteed reliability:
Although used vehicles generally don't carry the same warranties as new vehicles, the original manufacturer warranty on a new car is often transferable to a second owner. Buyers of certified used cars from an authorized dealer can purchase a used car and get the remainder of the original warranty. Also, a manufacturer will offer a longer-term warranty for certified cars, or some buyers choose to add their own extended warranties. Of course, cars have been getting more dependable over the years, as consumers have demanded it.
Just like New:
Another trend that makes buying a used car a better option is the introduction of certified pre-owned programs. The idea began with premium brands such as Lexus and Mercedes-Benz and has become a popular alternative for car buyers.
A used car is always going to be less expensive. The advantage of the used-car price can also allow a buyer to step up to a better model.
Financing and insurance costs will be affected by the age of a car, therefore a used vehicle cost less. A little bit of pre-purchase research will save you a lot on insurance and financing costs, no matter which vehicle you choose to buy.
Many car owners do not realise that the biggest cost of owning a car is depreciation. Cars lose their value with each passing month and each accumulated mile. The high decline in value happens the minute it leaves the dealer’s lot. On an average a car loses as much as 19 percent of its value in the first year of ownership and some models can lose as much as 40 percent or more. The rate of depreciation depends on the make, model and, importantly, age of a car. The rate of depreciation is usually less for a used car than an old car, therefore the cost of depreciation for a used car from the second it rolls of the lot, is less than that of a new car.
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