If you have just considered the market for purchasing a car, it can be a very confusing realm for you at first. You may wonder where you should start, where you should look for the best price and which car would suit your needs the best. However, the very first question you may encounter is whether you want to buy a used car or a new one. A number of factors go into making this decision, and if you are currently stuck in the same situation, keep reading to decide which would be the best course of action for you. Listed below are some of the factors that determine whether it would be suitable for you to buy a used car or a brand new one:
1. Affordability
This is the very first point you should consider before you make a choice – how much you can afford to spend on a car is crucial to your purchase decision. Evidently, while a brand new car is likely to cost more than a used one, a lot of other factors contribute to its pricing as well.
For instance, while a new car may cost you more, you may be able to avail good credit options and a doable down payment depending on your credit history and the services of your chosen dealership. However, while a used car may cost you lower, you should consider the potential repair costs associated with it in the future.
2. Long term or short term usage
The amount of time you plan to keep your car – long term or short term – is also a crucial factor in deciding whether you should go for a used car or a new one. For instance, a new car would be appropriate if you are planning to keep it with you for a considerable number of years because the depreciation that a new car experiences in the first year alone costs a considerable hit on its resale value.
However, used cars pose a lot of flexibility for the owner in this matter. You`d be able to sell your car at the same or slightly lesser rate at which you bought it – you wouldn`t be taking a dip due to depreciation either.
3. Your preference
If you have your heart on our certain type of car, color or model, you should consider whether you can find your own preference in a new or a used car purchase. While brand new models come with their variety of technology, multimedia options and safety features, used models have their own charm often in terms of unique changes the previous owner made or a discontinued model.
If you prefer to buy a good quality car at a lesser rate, you should do some research from a used cars website and accordingly choose a car that suits your taste. Used cars also come in vintage looks and classic models, and if you are one that wants something unique at an affordable rate, you should consider buying a used car.
