Should you buy a new or used car?
This is one of the questions that many people ask themselves when they are planning to purchase a car. If you happen to be in this situation, don’t worry, because you are not alone.
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There are so many factors involved in deciding whether to buy new or used but here are some things that might help you decide. The decision will mainly depend on your circumstances and requirements. Here are some of the main things you should take into consideration when deciding whether you want to buy a new or used car.
Check your credit score
Firstly, if you have a bad credit score, you need to be very careful when making any finance-related decisions because a low credit score will increase the cost of your loan by as much as 2% or more. And this could cost you thousands of dollars over the lifetime of the loan. So if your credit score is not that good, you should buy a used car and take advantage of the clean title to get a loan at a lower rate.
You should also be aware that even if your credit score isn’t low; some lenders will increase their interest rates on new vehicles rather than used vehicles because they consider them as bigger risks. That’s why if your credit score is good but you are planning to buy a new car, it’s better than you try to get an unsecured loan or other types of loans that won’t require the use of your home as collateral.
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Is buying new worth it?
The answer to this question is not straightforward because it depends on many factors. Generally, yes, buying new is worth it especially if you are buying a luxury car.
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Otherwise, the advantage of buying new fades significantly after one or two years.
The other advantage of buying new is that the warranty tends to be longer and it will provide better protection for your car.
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However, nowadays cars are built very well and they hardly break down as long as they are taken care of properly.
In some cases, buying a new car might not be worth it. For example, you are thinking about buying an electric car because they are better for the environment but their resale value is really bad.
Now that we’ve covered some of the main issues that you should keep in mind when purchasing a new or used car, let’s go into some of the factors you should take into consideration when deciding between new and used.
The price is most likely going to be one of your most important considerations if you are trying to decide whether it’s better for you to buy a new or used car because, obviously, everyone wants to get something more at a lower price. So this factor should be considered carefully before making a final decision.
As mentioned before, the depreciation rate of new cars is much faster than that of used cars because they lose part or all of their value as soon as you leave the dealership. This factor should be taken into consideration especially if you are buying an electric car because its batteries depreciate quickly and sometimes the depreciation rate is as high as 40% over the first year.
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In addition, if you have a good car that has only been driven for a few years, it’s going to lose more value than a bad car that has been driven for a longer time. And this should be taken into consideration when making a decision because you will probably get a lower price for the older car.
Over time, insurance costs tend to be significantly higher on new cars than on used cars because they are more expensive to repair and you will probably need to hire a special technician if you want to find out why it’s broken. As an example, when you buy an electric car, your insurance company will probably ask you to pay for an inspection by a specialist because they are very expensive to repair.
Loan repayment terms
There are many things that can affect the monthly repayments cost of your car loan, including how much you borrow and whether you decide to buy just the car or take out additional debts. However, in almost all cases, the interest rate on a new car is higher than that of used cars. So if you are planning to finance your purchase, it’s better for you to take into consideration how long you will keep the car before buying a new one. Don’t forget also to check if there are finance deals specific to your location, for example, if you live in Perth, check out car finance Perth options using Driva to find your best rate.