When you’re in the market for a new car, iIt can be a difficult decision to decide whether we want to buy a new car or an old car instead. Some people find it hard not to get tempted by the newer models, however, is it really a wise decision to do so? Perhaps you’re wondering if a cheaper used car will suit you better financially. To help you decide with this matter we will discuss the pros and cons in buying both new cars and used cars.
Advantages of new cars
New cars are reliable, they’ve passed multiple quality control tests and are bundled with warranty and free maintenance. New cars are also safer, more fuel-efficient, and are equipped with the latest features and design. Banks also offer lower financing rates for new cars, which makes buying one even easier.
Disadvantages of new cars
Aside from being more expensive by a wide margin, depreciation costs arising from buying a new car is huge. By the time you sell your car, you’d have lost a lot of money. Insurance for new cars are also pricey, because they need more expensive spare parts.
Advantages of used cars
Used cars offers a much lower depreciation, meaning your yearly cost of owning the car will be significantly cheaper. Car insurance for used cars are generally much cheaper too, which will give you more cost savings. There are also pre-certified dealer programs that lets you make use of the remaining factory warranty of the car and purchase an extended warranty.
Disadvantages of used cars
Used cars are more prone to problems, and you may not be able to expect them because you don’t know how the previous owner used it. It can be hard to find a good used car among a lot of options. Lastly, your car will require a sooner and more frequent maintenance, which will increase the cost of having an old car.
Which should I choose?
Before making a purchase decision, you should calculate the difference between the cost of having both a new car and a used car. After knowing the difference, you can decide if the cost difference you’ll need to pay to get a new car is worth the experience in having one, or would you prefer having a used car and save the difference in cost.
Another important thing to keep in mind that car insurance will be highly beneficial for both new and used cars, because you’ll lose more money if you break your new car and you’re more prone to accidents with an older one. Make sure to keep your vehicle covered with our auto insurance.
At Wellcovered Insurance Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (386) 218-4951 or Click Here to request a free quote.