Are you planning to buy a new car? One of the many things you’ll need to think about is whether to get a new or used vehicle. While showing love to a pre-loved four-wheel is cheaper, new studies revealed that you will be better off buying a new one. And this has nothing to do with mileage or depreciation. Apparently, if you opt for the new model, you get to enjoy the following:
With plenty of brands competing in the market, dealers are slashing down prices by the thousands. A model that costs $23,000, for example, could be offered for $3,000 less. When dealership discounts are added to the overall price, a new vehicle would come off cheaper than second hand.
If the look and performance of new vehicles aren’t irresistible enough, dealers throw in a sweetener by offering 0% finance over three years. Spread the entire amount within that period and you could pay your car without spending a penny. As opposed to a loan you’ll need to take out to buy a second-hand car, financing for new ones is cheaper.
Lower Running Costs
Driving a new unit usually means spending less on fuel, as they are generally efficient. Tax and insurance cost less. Maintenance is inexpensive. This also means fewer trips to the mechanic, saving more money in the process. When added together, it will turn out that running a new car is cheaper compared to an older one with the same model.
The choice to buy between an old and new vehicle really goes down to what you can afford. But if you have the cash to buy the latest unit, you should. The only time going for the second hand is a good idea is when the model you dream of owning does not have a newer version. Or, if there is, it is way beyond your budget.