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The convenience of driving your wheels to your destination is priceless. Not to mention the importance of owning one for emergency purposes and for running important errands.
In the early stage of the pandemic, some countries ban public transportation as a way to prevent the spread of coronavirus. Currently, government units are slowly allowing some public vehicles to roam the streets and fetch passengers. Still, many people are scared to go out and take the subway as this will pose a greater risk of virus infection.
Hence, it is advantageous if you have a private vehicle. As for purchasing a car, money always comes first to be considered as well as the underlying question of whether to buy a brand new or a pre-owned car.
Do we have the same question? Maybe you are also planning to have your car. Let's dissect the pros and cons of buying a brand new car versus a pre-owned car.
Benefits of Buying a Brand New Car
The satisfaction of Driving Incredibly Hot Wheels!
Of course, you want to spend some big bucks and you want to make sure that it is worth the value. Therefore, driving a brand new car compensates for the funds according to an article from nerdwallet.com. You take the pride of being the first to take the car off the road for a long ride.
Everything is neat and crisp. Unstained car seats. Immaculate interiors. No dents. Fresh as a newborn child. Well, some people treat their cars as their friend or accomplice. Some name their new cars too. Too much for the Transformers movie!
Durability and Performance
This factor is unquestionable when it comes to brand new gearheads. According to an article from abcnews.go.com, brand new cars became more durable and offer better performance in terms of speed and engine quality.
Surely, driving a few miles with your new wheels without any worry is a whole lot of fun road experience.
Cutting Edge Technologies
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Automotive technology, as part of applied Science and Research, brings better and more convenient features to new automobiles. Purchasing your new car will make you enjoy the latest technology like an advanced navigation system, ultra-boost entertainment, and device connectivity, AI-powered traffic alert, automatic brakes, and more reliable cameras and recorders among others.
An exciting roster of fresh innovations is coming as explained by the article from wonderslist.com. These amazing features include air-conditioned seats, night vision with pedestrian detection, smart headlights, reality dashboards, and even self-driving features!
Sealed with Warranty and Insurance Terms
Though there is a big difference between warranty and insurance, a new car is protected against any unpredicted mishaps. According to allstate.com, warranty is an assurance from the manufacturer that the car is free from any defect while Insurance helps the owner to cover costs if damage or accident occurs.
Challenges of Buying a Brand New Car
A Whooping Upfront Cost and Other Fees
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Unless you are favored with wealth, buying a brand new car is a large chunk of money from your pocket! Better if you can pay it in cash because some car dealers offer discounts with those types of deals. But if you are planning to pay monthly, you are obliged to hustle more at work and be able to make payments to avoid high-interest rates. The same goes for bank loans for buying a car.
Be prepared for extra charges like registration fees, sales tax, insurance costs, fuel costs, and of course, maintenance! A heap of money and hard work is all you need.
You should know by now that the value of your brand new car gets lower as time goes by. In Economics, that scenario is called Car Depreciation. Owning a new vehicle is a deflating asset and not an investment. Newly bought cars may depreciate 25% in the first year and about 10-18% in the following years!
Benefits of Buying a Pre-owned Car
Lower Cost, Fewer Fees to Pay
If you are on the practical side and you have a tight budget on hand, buying a pre-owned car should be considered. Think of the hundreds of dollars you can save by going to a second-hand car shop and purchasing one. If you have a trusted mechanic friend, you can bring him along to scrutinize if the one you prefer is roadworthy.
Cars getting old means a lesser insurance fee so lesser money to shell out from your pocket!
A Great Buy-and-Sell Business
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For witty businessmen, buying a secondhand car and selling it to a slightly higher price is a gamechanger. All you need is establishing a network of a buy-and-sell car enthusiast, internet connection, and fair negotiation skill then, you're good to go!
Challenges of Buying a Pre-owned Car
Usual Visit to the Repair Shop
If you were not able to research the car's history and damages, you will probably have a usual visit to the mechanic shop for quick or sometimes days-long repair. it is best to check if the safety features are working fine. Brakes. Batteries. Engine performance. Too many issues to inspect and confess to the repairman.
Settling With Old Interiors and Crappy Features
This factor is not a big point for cowboys. If you're fine with old and dusty seats and funky smell of old cars and you're not choosy about customizable features that brand new cars boast, buying a used one is not a bad idea at all. However, you might get lucky as some car dealers sell good-looking pre-owned cars at a reasonable price.
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Most pre-owned cars are old model units that consume too much fuel and that means more cost for gas. There could be fewer used cars that have better fuel mileage, best to look for them, and grab before somebody does.
What's Your Decision Then?
Given the pros and cons, we might come to decide on what to choose, getting a new car or a used one?
There are other factors to consider to balance the weighing scale.
First is financial capability. If you have cold cash to buy a brand new car and you are in need to have one, go and take the chance to do so. Purchasing a car in cash is way wiser than paying every month.
The second is contentment. If you're cool with getting an old model auto, then buy a pre-owned car. Be sure to check the history, acquired damages, and always talk to a trusted mechanic.
Lastly, prepare your parking space and also, yourself in driving your journey.