Should I Buy a New or Used Car? (Pros and Cons of Each)

Should I Buy a New or Used Car? (Pros and Cons of Each)

Used car vs new car is a hectic debate and it is one of the toughest decisions. Many pundits have been arguing, for years, on used cars or new cars. Everyone, these days, is confused about buying a used car or new car. This detailed buying guide is going to clear your all doubts once and for all. You are going to know everything about new cars vs used cars pros and cons. So, keep reading this blog till the end.

New Car vs Used Car Pros and Cons

Have a detailed look over pros and cons of buying a new car vs used car.

A new red car as a gift

Benefits of Buying a New Car

There are some certain benefits of buying a new car. Following are some major ones:

  1. You can have the latest technology and attractive new models of a specific brand.
  2. The fuel consumption and the heat eruption are minimal.
  3. The new car is more reliable and long lasting.
  4. The maintenance cost is minimal for the next few years.
  5. The dealer offers a lower interest rate for buying a new car.

Disadvantages of Buying a New Car

The disadvantages of a used car vs new car is always considered, even more than the advantages. So, before buying a new car after hearing about some specific advantages would not be a better idea. Have a look about the disadvantages of buying a new car too.

  1. The biggest disadvantage to buy a new car over a used car is a massive down payment. You have to spend a lot at first while buying a new car.
  2. After a few years, you would be the one facing the most depreciated price while selling your car.
  3. You may get difficulty while getting it repaired due to the latest technology and latest engine built up.

So, if you are living a good life and you have enough money to splash for the new car, you still have to be sure about the timing. Yes, timing is much important while buying a new car. There are always some brands working to launch new models every year, so don’t mess up buying a specific new car without consulting the other one. The price gap, specs and many other things depend on the timing. So, look for the best time to buy a new car.

A used car for sale

Benefits of Buying a Used Car

For some people, buying a used car sounds stupid but there are also some real benefits of buying a used car. These pundits should not ignore these benefits before making a decision about buying used cars or new cars:

  1. The first and foremost benefit of buying a used car is that you won’t have to have a lot to spend at first go.
  2. Secondly, you won’t face much price deprivation over the years as compared to the first person who bought a new car a few years ago. You can get the same price if you want to resell it after a few months.
  3. Used cars have the lower insurance value as their worth is much lesser than the new ones.
  4. Last but not the least, you can easily find its repairing parts from every accessible market.

That’s why you should think at least once to buy a used car.

Disadvantages of Buying a Used Car

You can’t be dead sure, ever, in life that you should buy a used car or new car without consulting the both sides of the story. So, disadvantages of used cars are also important while discussing used car vs new car pros and cons.

  1. The biggest downside of a used car is the lack of reliability.
  2. A used car is almost a liability for you and your family.
  3. A used car has to be maintained every month, so it’s still catching a lot of expenditure every month.
  4. You cannot get the better fuel mileage with a used car.
  5. You cannot get your desired model along with desired color in the used car with ease.

If you are planning to buy a used car after considering all pros and cons of buying a used car, you must check out the list of Do’s and Don’ts of buying a used car.

New vs Used Car Calculator

You must calculate the total expenditure by considering the down payment, expected mileage, the insurance rate and the maintenance cost for the next 3-5 years before making a decision between a used car or new car. You should note down every specific figure. There are many online calculators helping to calculate the expected savings and resultant balance after a few years of buying a used car or new car. You must use that calculator and compare the end balance after a few years before making a firm decision between a new car or used car.
There is a thumb rule that you should be able to clear all the loan and insurance dues in a time span of 3 years. If you are not going to clear them in three years, but your expected balance would still be negative on buying a car calculator, you should not go for it.

One Reply to “Should I Buy a New or Used Car? (Pros and Cons of Each)”

  1. Pingback: What Are the Advantages of Buying a Used Car? | BumbleAuto

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