One of the hardest questions you have to answer before deciding to buy a vehicle is whether or not you would like buy it new or used because you have to understand the consequences of each choice. It can be a tough decision to make, and you want to make the best one for your short or long-term goals. Here’s what you should consider before going for a test drive.
The advantages of buying a NEW car.
First off, its NEW, not just to you, but actually brand new. You can guarantee it hasn’t been in any accidents or been mistreated. It isn’t missing parts, doesn’t have a weird smell you’ll never find the origin of, and doesn’t make you question the type of person who owned it before you. There will be no marks, dents, scratches, stains, etc. of course until you make them yourself. You can customize your new car to have any feature, colours, interior material, engine size ad anything you can afford to make your car look and feel how you want. It comes with a warrantee covering maintenance issues typically within 5 years or 100 kilometers traveled. Another added bonus is that the progression of technology over time has allowed for the evolution of the creation of cars. The newer the car, the newer the technology and overall build. Cars today vs. 15 years ago have remarkably better features that add to comfort, safety and control. Things like heated seats, rear view cameras, GPS, Cruise control, Auxiliary plugs, to name just a few. As the design evolves, so do the standards for safety features and testing requirements. Cars are becoming more fuel efficient, more powerful, and allow much more control. Finally when looking for a new car the work has been completely cut out of the equation for you. By going to just one dealership you can test drive all of the models to find the car you like, and the salesperson can locate another model at any of their dealerships to match your choice.
Advantages of buying a USED car
Price. Price. Price. Did I get the point across? The cost of a new car vs. the cost of a used car is the difference between night and day. As the saying goes “a car loses half its value the second its driven off the lot”, so not only will you pay relatively half the price of the new version, but you can afford a car that would normally be out of your price range at a dealership. So why purchase a car at one hundred percent of its value when you can purchase it at roughly fifty to sixty percent. Depending on who your looking to buy the car from, its condition can vary dramatically. If you know the current owner you may be able to guarantee they treated it with respect, and up kept maintenance. If your taking a gamble you could be duped into buying a car that’s been treated badly, and will inevitably cost you tons of money in repairs. A car is not an investment that will appreciate in value, but it is an investment. If your going to spend $5000.00 on a vehicle, only to put in $5000.00 more into it in repairs, you would be better off purchasing a newer car for $10,000. It would save you the time spent taking it into to get fixed every other month and ultimately have a longer life because of the newer make. Insurance is another fact that will work in your benefit. Rates for used cars are significantly lower than they are for brand new cars, as again the re-sale value is much lower for used cars.
At the end of the day, the main purpose of a vehicle is to get you from point A to point B. All the bells and whistles are for the purpose of luxury, not effectiveness so depending on your financial situation, short and long term goals, either new or used could be the best choice for you. These are some things to keep in mind the next time your looking to purchase a vehicle.
At Fast Access, we care about your financial goals and work with you to help achieve them. Ownership of any vehicle, new or used can be used to your benefit with a car title loan. If you need spare cash for maintenance that isn’t covered, winter tires, a new paint job or just to help with a personal venture, we offer car title loans of up to ten thousand dollars. Visit our website for more information.