Buying a New or Used Car

Sunday, October 27, 2013

Buying a car

So, if you are in the market for a new car, you have to decide if you would like to go for a used (or pre-owned) car or a new car.  This might be the hardest decision that you will have to make when it comes to car buying.  Would you like to have the newest bells and whistles or would you like to have something that might be a bit more affordable?  

Buying a new car or used car depends upon your personal preferences.  One needs to look at why you might want to have a new car.  Is it a need?  If your current car is not running properly, or if it is costing too much to keep with necessary maintenance and repairs, then you might be in the market to get a new car.  Or perhaps that you would simply like to upgrade.  One needs to factor if a new car will enhance your life (by esthetics for example, or for use).  Either way, looking for a new car can at times be stressful.
Once you have decided if you would like to go new or used, then one needs to decide on what type of vehicle to get.  What are you using the car for and what would you like to see out of the car.  For example, if you are trying to save money, perhaps you would like to have a car that has a good fuel economy rating.  Perhaps going with something smaller, that doesn’t use as much fuel might be your goal.  However, if you are looking for comfort, durability and hauling, then perhaps a truck or a heavier SUV (Small Utility Vehicle) might meet your needs.  

One thing is for certain, you will want to make sure that the vehicle that you are getting meets your financial budget.  Buying a new car generally comes with a car payment; however, at this time in the market, most dealerships have very good financing (some even at 0%).  This might making buying easier, knowing that the interest that you will have to pay to borrow the money might not be that much.   Leasing of course is another option, however, with leasing comes the drawback of stipulations (such as the amount of kilometers that you can drive).  

Let’s compare buying new cars versus used cars:

Advantages of buying new:

  • Warranty.

  • New sleek design.

  • New feel, smell and knowing you are the only driver and owner (cleanliness of vehicle).

  • Perks with buying a new car, (sometimes); free upgrades, oil changes for life.

  • State of the art safety and technology feature.

  • Dependability.

Advantages of buying used

  • Price (perhaps a bit more affordable).

  • Limited warranty (depending on the number of km’s).

  • No depreciation hit when buying (the first owner had to take this hit).

  • Lower cost insurance.

The final decision is up to you for buying a new or used car, however, you might find that your wallet might do the talking on the decision.