New Car Versus Second Hand Car: Pros And Cons For Each Buy

New Car Versus Second Hand Car: Pros And Cons For Each Buy
Buying a brand new or a used car is a dilemma that consumers have been going through. Looking at the price and value may help before making a decision in buying a car. Photo : Photo by Bill Pugliano/Getty Image

Future car owners are, most of the time, left stunned in the crossroads of decision making when purchasing their new vehicle. Choosing a brand new car on top of a used one may be something that should not be that difficult when we look at certain factors. Looking at the price and value of the vehicle that you are targeting to buy can be one major decision maker.

Needs Versus Wants

Yes, you will definitely look good in that brand new Ford Mustang with EcoBoost, but then again, do you really need it? If money is not a factor, then by all means go with the new Mustang that costs $36, 320 dollars. But you may want to look at the running costs before making your purchase. You may want to do research first and make a self-assessment on why you want to have a car, and how you plan to use it. If you are a student, then you may want to opt for a smaller 1.0liter engine car. The smaller the engine size, the lower the fuel cost will be and most cars with lower displacements are cheaper than the bigger V6 engines.

If you have a family of 4 or 5, then you may want to go for a bigger SUV. Packing 5 persons in a small sized car will give more stress to the engine resulting in more trips to the gas station so a bigger, more powerful car can be more economical in this scenario.

The Costs of Owning Brand New

Brand new cars will definitely be more expensive, but consider and compare the yearly costs of buying a used car. Whenever you purchase a used car, check the maintenance and insurance records, as some can be more expensive to run than newer ones. Used cars may also have hidden issues that the previous owner will not tell you, resulting in more frequent visits to the auto shop. Most new cars, on the other hand, will be covered by a warranty that will last for about one to three years or until you reach a certain mileage reading. That means that damages or parts replacements costs can be covered by the dealership until the warranty ends.

Fuel Economy Rating

Most brand new cars, if not all, have much better fuel economy rating. Some new cars have double the miles per gallon as cars from five years ago. Make a rough computation on how much fuel you would need to fill up on a monthly basis, then check your choice of brand new and used car for their economy rating. The result should at least help you in coming up with a better decision on what to choose.

 

Plan Your Future With The Car

The question that needs to have an answer here is "What do I plan to do with this car in the future?" Surely, you do not want to have the same car for the next 10 years, not unless it is something that has a sentimental value. You may want to come up a decision as early as now if you plan to pass the car to someone else, or possibly sell it. If you choose to sell, then will the car still have a similar value as to when you purchased it? Buying a five-year-old vehicle means that the car will age more and will be left behind by technology by the time you plan to sell it. While a brand new car that you have just purchased will definitely ageless. And, it will give you the confidence that you need when you sell it knowing that you were the first owner of the car. Most important of all, plan your budget and bank savings before purchasing any used or brand new car.

 

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