You’re ready to buy a car aren’t you? It’s just that there are so many options! And we’re not even talking about car models and brands! If you know what car you’d like, you can even choose between older makes and used vehicles to widen your pool and give you even more options to select from. But is there a difference between buying a brand new car or can you make do with a used one instead? We examine some of the pros and cons here…
Buying a New Car
There’s a broad range of new car finance available for you to choose from! You don’t have to worry that the model you’re looking for just might not be on sale now because you’re picking from the latest releases in the dealerships! The fact that you’re the very first owner or a car is the biggest draw – you don’t have to worry that someone else has sunk down into those leather seats, there is no question of the car’s history since it’s never even been driven out on to the roads before! You can also customise your car just however you like too! A new car generally has the latest available features installed into the cabin and that means you can trust that you have some top of the line options in there! At the same time, financing your car might be more competitive as compared to a used car too!
Unfortunately, a new car is almost always more expensive than a used car, and worse still, once you’ve left the car lot, the value of the car plummets in value. There is also a lack of information for any known defects of your car make and model and that can be pretty dangerous too.
Buying a Used Car
The biggest benefit of looking at used cars when you’re changing up your ride is the cost. A used car will definitely be a lot cheaper than a new one, unless you are looking at rare or classic cars. Insurance rates for used cars are generally cheaper too because insurance companies assume that more drivers of used cars are more likely to be careful and cautious on the road therefore not as risky as someone driving a brand new car.
And where there are benefits, the used car has its disadvantages too… Financing a used car is usually at a higher financing rate due to the smaller value of the car itself. Chances are that your dealer will try to squeeze you for as much money as you are willing to pay without disclosing the actual value of the car – you could end up paying a lot more than the car is worth. Older cars also tend to need a bit more fixing up due to wear and tear. Be careful also about the car’s history and maintenance histories that might indicate that the car has gone through serious issues in its past.
Whichever you decide, a new or used car is all about the comfort and convenience of having your own mode of transport in your own driveway or car park lot! If you need a little more help to fund the deposit or want to work out car financing options, give The Smarter Finance Company a call! We’ll be happy to help you get the best deal in town!