Should you buy a new or used car?
A new car has a lot of allure to promote itself. Even for the high price it is priced at, you get a new machine which you can equip any way you want, and you get full warranty. However, the used cars market has also changed in the past few years, with people selling more frequently, bringing to the market a lot of the latest models in good condition.
Before you decide whether to buy a new car or used one, you must assess your resources and reasons for buying a car.
Things you must do before buying a car
- Check the pricing online or with the dealers on the car you intend to buy, used or new. Look at related variants to know about other options if you are willing to spend more or less.
- You must determine how much you can put down in cash and plan for repayment of loans and/or insurance that you will incur by this purchase.
- You must ensure that there are maintenance services for that car available at your location and that you are picking a model whose spare parts are easily available.
Reasons to buy a used car
- Most manufacturers sell certified used cars with added warranty, sometimes worth a year or more.
- Newer used cars (less than 3 years old) sell for less than the current market price for the same model, and you can save 30-40% with a deal. You can get more competitive pricing at auction sites or with private dealers.
- At the same budget, you are able to get a bigger car with more features.