So you've been successful in obtaining financing for a new vehicle. However, you're in the vicinity of another conundrum, and this time you're debating whether it's better to buy a new or used car.
There has long been a debate as to whether one is better than the other, particularly for those on a tight budget. And, while we've heard a lot of arguments from car owners in the Africa on both sides, it's difficult to say who is the clear winner between the two. Whether you should buy a used car or a new car depends on your personal needs, preferences, and, in particular, the factors discussed below.
Which is the more prudent "investment"?
Vehicles are frequently viewed as liabilities rather than assets by financial experts, owing to the fact that they are prone to wear and tear the more they are used. However, while a car loses 20% of its value the moment it leaves the dealership, some vehicles age like fine wine.
“Old cars with a certain history (mostly luxury cars) or cars that have been owned by a famous figure could see their prices appreciate, especially if they are still in good running condition,” according to an online car marketplace. If you're going to buy an old car, make sure it will make you more money the longer you own it.
Which is less expensive in the long run?
At first glance, used cars appear to be less expensive than their zero-mileage counterparts, with savings ranging from the purchase price to the cost of parts and insurance. However, you should keep in mind that vehicles older than five years are more prone to wear and tear.
You could put the money you would have used to finance a new car toward parts and repairs on a used car. “For others, it's not so much about the money as it is about the downtime,” he says. “Even if you had the time and money to spend on the flaws of a used car, other members of your family may not be so fortunate. This is due to the fact that they require the vehicle for personal use.
Moreover for the sake of safety. Safety features such as anti-lock brakes (ABS) and side impact airbags, as well as backup cameras and smart interior features, are now possible thanks to newer technologies. As countries become more stringent in terms of car safety, manufacturers must keep up with non-mandated technologies such as blind-spot monitoring systems, side curtain airbags, adaptive cruise control, and brake assist, which are becoming more common on less expensive vehicles as their associated costs come down.
Collectors and casual drivers alike seek out used cars, especially vintage ones, for one simple reason: they're hard to come by. Although parts of these rare breeds are difficult to come by, a little networking can go a long way. Owners of rare car models band together online or through car clubs not only to show their affection for their vehicles, but also to make repair and diagnostics easier by looking out for one another.
Doug DeMuro of Jalopnik writes, "When you want to buy an unusual car, like I want to, you start with the forums." “This is because unusual car forums are a gold mine: they know every issue, problem, and fix there is.
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