Should I buy new or used car in 2018?
Every car owner has gone through the same dilemma. Should I buy a new or used car … As a pretty hefty investment, you want your money to be locked down on a nice quality car. At the same time, you don’t want to drain your bank completely and empty your wallet for the next several years.
Finding the right option for you means striking a balance between what you want, what you need, and what you can afford. The biggest question is probably the cost. Fortunately, you can access great financing options that make cost an acceptable burden no matter what type of car you choose.
To make it easier for you to decide, here’s a rundown of all the important things you need to consider between a new or used car.
Costs and Financing Options
Buying a car is going to cost you money no matter how you look at it. However, a new car will set you back several hundreds or thousands more. At the same time, you have to look at the value you’re getting. Most new car owners are willing to shell out extra money for the peace of mind, and for the three, five, or seven-year warranty included with the purchase.
New cars cost more because they’re more likely to be reliable, clean and completely functional. Because they’re fresh off the market, new cars haven’t built a history of mechanical issues and wear and tear yet. In fact, you can think of buying a new car as saving maintenance and repair costs in the short-term.
On the other hand, it’s important to remember that cars depreciate quite quickly. The moment you step on the gas after the deal’s done, your car automatically loses dollars in resale value.
Used cars don’t have a problem with depreciating resale value. Even though its resale value will be lower than the acquisition cost, it won’t hurt as much because you’ll be getting the car at a much lower price. Pre-owned cars are perfect for first-time buyers who don’t have a lot of capital or spending cushion.
There are financing options available for both types of cars. In general, banks and lending institutions would have more options open for new cars. However, finding the right financing option is easy with Approval Buddy.
Approval Buddy is a platform which helps create individualised financing options and structured loans to car owners. With their help, it gets easier to find the right loan which fits your vision and your budget.
Performance, History, and Fuel Efficiency
Nothing feels more satisfying than the purr of a well-maintained car engine. Choosing between a new car and a used car means assessing your priorities when it comes to car performance.
If you are looking for a ride that can offer you the smoothest possible experience at the get-go, a new car is the better option for you. A new car hasn’t been put through its paces. Plus, a lot of older car models have louder engines or less comfort in design.
With used cars, you can expect extra kilometres and maybe replaced components under the hood. It’s entirely possible that the car you’re considering was badly maintained or roughly used. It will be quite challenging to know. Lastly, used cars tend to have less fuel efficiency due to time.
Weighing these concerns against your priorities is important. If you know you can maintain your car well, or if you have access to a good repair shop, the history of the car may mean less to you. Even if they do matter, it’s important to remember that there are many used cars in near-mint condition being sold. Not all pre-owned cars are horror stories.
Specifications, Features, and Upgrades
The fast-paced evolution of automobile engineering has led to so many new bells and whistles. New cars come with a heftier price tag partly because they have better specifications and upgraded features.
However, are you willing to spend more money on something you might not even need? If you’re the type of person who doesn’t care for a multimedia screen or for a rear-view parking camera, then used cars would be within perfect range for you.
Colour, Model, and Make Options
The choice of what type of car to buy is substantially limited by what’s actually available in the market. When it comes to choosing the type of car, like a sports utility vehicle or a family van, you’ll find more options for new cars. After all, new cars are the ones which are still in production.
On the other hand, you’ll find it harder to find a specific model and colour of used car. Some people can get frustrated at the search. Fortunately, at least the colour of a used car can be flexible and painted over.
Information Requirements before Buying
Before you get too excited and buy the first car that you see, there are several things you need to know first. The level of knowledge you need and the information you can access depend entirely on whether you’re getting a new car or an old car.
For used cars, the level of information you can get might be limited to general information only, like the type you’ll find on the Internet. On the other hand, new cars are the picture of complete information, with intact manufacturer stickers and other documentation.
Buying Your Next Car
Ready to buy your next car? Remember, it all boils down to what you are looking for in a car. Strike a balance between affordability, specifications, and performance.
If you are still unsure and asking the question should I buy new or used car or you’ve decided on a new car model or on a used car, you can rely on Approval Buddy to make your life easier. Contact us for financing help today!