December 9, 2021

mindbodybusiness

The Business Effect

New Car Vs. Used Car: Which Should You Buy

When it comes to buying a vehicle, there are a lot of decisions that should be made. It is not only to pick your preferred make and model; you also need to decide whether or not you want to buy a new or used car. 

There are several advantages to buying a new car, and It is without a fact that a brand new car may have a better warranty and the latest features, but it is most likely going to be way more expensive than a fairly used car, and it will depreciate faster.

We all know that there is a different feeling when you buy a brand new car, but it is also important that you carry out a series of research before making your decision. You should ask yourself questions like, do you have enough money for a brand new car? If you take out this much to get a car, what is the possibility of getting the money back? If the car develops a fault, would you be able to pay for an all-in-one car servicing? If you intend to monetize the car, are you going to go into long-term rental or short-term rental? 

These and many more are important questions you should ask yourself before making such a big move. 

On the other hand, buying an old car might be cheaper, there is also a possibility that the car engines might be weak. Therefore, it might not function the way you expect it to. This means that unlike buying a new car that has lots of advantages,  the cons of buying a used car outweigh its pros. 

So, one of the most important things to consider before buying a car, no matter the condition, is the ongoing cost of its maintenance, how much gas it consumes, and the insurance coverage. 

So if you are asking if you should buy a brand new car, the answer is Yes, but just as long as you can afford it and maintain it. 

Here are a few advantages of buying a new car

  • Everything is new, including the parts:  

Even if something bad happens to the car, many manufacturers have a warranty for the first year.

  • Insurance is cheaper: 

This only happens because there is a lesser risk of mechanical disappointment, although it is not guaranteed. Before you buy a new car, check to know whether it’s high-risk in any way. You should go for cars that are in the low-risk section to profit from an insurance drop. 

  • Peace of mind: 

Mention one thing that is worse than planning a vacation or trip for the weekend and spending more than half the week trying to fix the car to get it ready? Or having your mechanic on the emergency dial rather than your spouse? 

The fact is, you have an idea that if you fill it with gas and you conduct your routine maintenance, the car should be able to take you wherever you want. But I doubt you can say the same for an old car.

  • The smell of a new car:  

It doesn’t necessarily matter the type or model of the car you buy. The smell of a new car is evocative and very refreshing. 

Conclusion

A car should be seen as an excellent asset, and by that, it’s worth doing the math and taking the necessary risk to ensure that your money is not just flying out the window. A brand new car is not the monetary burden that people say when you do your homework properly.