You might have thought about buying a car for loan time now. Maybe, because it’s more convenient for you to have a car instead of commuting to work or around town but other than that you haven’t really thought about it through. But after thinking about buying a car you got yourself wondering if you should have a new car or an old car? Some of your friends might be saying get a new car because at least you know how it doesn’t have any maintenance issues or problems with its engine. But someone in your family suggests getting a used car since its cheaper especially since this is your first car and you need to think about your budget in the long run like car insurance and maintenance.
But which is better: old or new? So we will give you five good reasons to buy either an old or brand new car.
Old Car: Five Reasons Why It’s Better
1. When buying an old car, it’s usually cheaper because it costs especially if it’s an older model. You don’t have to worry about monthly installment rates. And the best part about it is that you can pay for it on the spot.
2. Older model cars are genuinely admired by car enthusiast because of its vintage look and feel. If you’re into vintage and old school things, buying an older model will be perfect for you. If you’re worried about the maintenance, you can have an expert like a mechanic to come with you and check out if the old car model you want to buy is even worth it. In that way, you will be sure if the car has problems or when it does have problems you will know if you can buy the replacement parts.
3. If you’re looking into buy to resell your old car in the future that’s completely okay. Old cars tend to depreciate less compared to brand new cars. Even though you bought a car worth 70% lesser than when it first came into the market, if you were to sell it, it usually remains in that price range.
4. Car Insurance is usually lesser for those who own old cars. Though some insurance companies won’t accept cars older than ten years of age, so it depends on your country or the area where you live in how the insurance companies deal with old cars. So if you’re planning to buy one first check out car insurance in your area regarding the vehicle’s age limitation.
5. If you were to buy a new car, you would be paying more than for a used car. Like we mentioned, you don’t like to pay installment fees, buying an older car saves you more compared to buying a new one.
New Car: Five Reasons Why It’s Better
1. You don’t plan on reselling the car you want to buy. Cars tend to depreciate in value over time, and so if you want to have a reliable car with you for a really long time then buying a new car is for you.
2. You can get a car loan which makes it easier as compared to buy an old one which is usually cash down. If you’re okay with paying for monthly installment rates so that you don’t have to cram it all up in pay then it’s fine.
3. You need a car immediately and in buying an old model or a second-hand car, you need to take some time in researching and examining each car. So buying a new car is less of a hassle.
4. Newer cars tend to save up more on gas compared to older models. So if you want to save up money on gas then buying a new car is great for you to do so.
5. With newer cars, it is true that once you get a new one it has no maintenance problem. The car’s parts are new and so, you don’t have to worry if it will overheat or the engine will suddenly stop.