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2022-09-06 02:28:26
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Buying a car is not an easy decision and has a lot of models to select the vehicle and you have the option to select whether to buy a new car or an old car. If you buy a new car then it contains a better warranty and the latest technology, but it is likely to be more expensive. If you are purchasing an old car then consider maintenance costs are much higher and the mileage is low for an old car. In this article, we will discuss which is more useful and which one is better to buy. We will look at the pros and cons of both and which is more cost-effective. So that you can understand that should you buy a new car or old car…
Top Cars with Best Resale Value in India
|
Parameter |
New Car |
Used Car |
|
Buying Cost |
High |
Low |
|
Maintenance Price |
Low when compared to old car |
High when compared to a new car |
|
Reliability |
High |
Low |
|
Features and Technology |
Get the latest features and technology |
No latest technology and features |
|
Warranty |
Having a warranty |
May not have a warranty depending on the vehicle |
|
Car Insurance Premium |
High |
Low |
|
Running Cost |
Low |
High |
Reliability and Warranty Protection: Most new cars have good reliability records, and if anything does go wrong, then it is probably covered by the manufacturer's warranty. Buying a new car also means that you have no concerns about how the vehicle was treated before you bought it.
Things to Consider Buying a New Car
Roadside Assistance: New cars have roadside assistance and offer much-needed relief to a car owner if the vehicle breaks down. This will prevent the price of paying for coverage on your own or being cursed with a towing bill if your car breaks down.
Low Maintenance Cost: A new car contains low maintenance. There will be free services and also the services are going to be different from one brand to a different brand.
Latest Technology: If you are trying to find a technologically advanced and feature- rich model, you will find the newest specs only during a new car. A second hand vehicle will always be behind in terms of technology, whether or not it is only a pair of years old.
Warranty Coverage: For a new car you will get warranty coverage after you buy a brand new vehicle. The warranty package covers the foremost components of the car. Some brands may even provide additional coverage, like roadside assistance freed from cost when buying a replacement car.
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Expensive to Buy: Buying a new car is difficult and also the costliest. A new car could be a high price than an old car.
Insurance Premium: New cars have high insurance premiums. The premium depends on the worth of a vehicle and also the value of a brand new car is above a second hand car.
High Depreciation Rate: A new car depreciates more quickly than an old car. A vehicle loses the foremost value within the first few years of ownership. If you drive your new car out of the dealership, it is going to lose its value by around 8% to 10%.
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Low Cost: An old car comes with low cost than a new car. When the old car comes to the market much of its depreciation has already happened. So buying a used car is an opportunity to get more cars for your money.
Low Insurance: A dealership may require you to fill insurance coverage for a new vehicle that you are financing and you may be able to spend less on insurance if you are paying money for an old car.
Low Depreciation Rate: A new car loses its value in a few years of ownership. If you maintain your old car properly, you may still get a good value if you wish to sell your second-hand vehicle.
Higher Mileage: An old car is likely to have higher mileage, which can reduce its lifespan. If you buy a higher mileage car, then it is possible that you may need to replace it later which can add to your vehicle purchasing costs.
Limited Selection: It can be challenging to find an old car with the exact options and features that you want.
Lack of New Features and Safety Technology: An old car may not have all the modern features and safety equipment. Hence you may miss out on that aspect if you decide to own a used car. An old car contains fewer safety features.
Hence the pros and cons of both the categories have been equally mentioned here. As per their requirements, the people can select the vehicle. But buying a new car is the best choice and will give the latest technology, the warranty will be extended and also have an insurance policy with more benefits. They should evaluate the cost-effectiveness of both options to arrive at a decision. If you have an offer to get an old car at a very reasonable price then you can go with the old car.
