Connect with us

Cars & Vehicles

How to Decide Whether to Buy a New or Used Car

Just because you need to get your hands on a new car, it doesn’t mean you know which car you want. There are lots of different vehicles out there, which are practical for different reasons. The best thing you can do is spend a little time researching the different cars that are available and make sure you choose the right one for you. One of the biggest decisions for many people is what type of car to get. The choice between new and used cars is a big one, and one that many people struggle with.

Credit History and Down Payment Options

If you are planning to buy a brand new car then due to the expense, there is a high possibility that you are planning to put some of the cost on finance. You should only do this if you have a good credit history otherwise the amount you have to pay back will be high!

You also need to think about whether you can put down a deposit to help bring down the overall amount you have to pay back. Some places will even let you trade in your old car towards this cost, which is something that should be considered.

A Second Hand Car Will Keep Its Value

If you buy a brand new car then it will lose a massive chunk of its value as soon as you drive it off the forecourt. The amount that the car will lose varies, but it could be as much as half of its value. This is fine if you plan and can allow for this. For some people, knowing that if they sold their car at an hour old it would go for half of what they paid for it, it is enough to put them off.

When you buy a used car it has already gone through its historical ageing and drop in price. Buying cars from used Ford dealers for example will mean that you can sell the car more or less for what you paid for it, as long as it hasn’t aged too much and is in the same condition.

The Cost Of Repairing A Used Car

If you buy a second hand car then you have to be prepared for the fact that there may be some mechanical repair work that needs to be done to this at some point. When working out how much the car is worth and what to pay, this is something that you have to consider.

There are websites online that will help you work out the value for a second hand car, so it is well worth looking at this before you decide what to buy and how much to spend. You should, if possible, take someone who has a little mechanical car experience with you to buy the car so they can check it over for you before you part with your hard earned cash.

What you also need to think about is what you’re going to do without a car whilst these repairs are going on. It is all well and good planning in to spend more money on your car, but would you be able to cope if it were in the garage for a couple of days and you were unable to use it?

Whichever option you take, I hope you are very happy with your new purchase and you enjoy many miles together!

Sharing is caring!

Continue Reading
1 Comment

1 Comment

  1. John McGeown

    March 10, 2018 at 9:31 pm

    just because of the 20% plus depreciation as soon as you drive out of the dealers yard, personally I have a big problem with buying new. Best way to lose money that exists.

You must be logged in to post a comment Login

Leave a Reply

Advertisement

Popular How To Guides

Business2 weeks ago

How To Choose The Best Design Aspects For Your Website

Designing the perfect website can take time, particularly as there are a number of elements to consider. With usability and...

Business3 months ago

How To Be A Better Trader

In the process of trading with currency pairs, there have to be some good preparation. You may think about the...

Uncategorized4 months ago

How to Save Money on Healthcare

The American health insurance system is complicated; in 2017, one in five uninsured adults went without healthcare because they couldn’t afford the...

Cars & Vehicles5 months ago

How To Get The Best Car Insurance in Canada – 10 Key Facts

Automobile insurance can be tricky to understand with complex terminologies and a whole bunch of rules and regulations that differ...

Business5 months ago

How to Fund Your Trips as a Digital Nomad

There is certainly no shortage of people hopping on the remote online business bandwagon. Some of these people have even...

Cars & Vehicles5 months ago

How to Find a Competent Road Accident Lawyer

Whenever there is a road accident involving a commercial vehicle, corporations and insurance companies mobilize their vast resources to employ...

Health5 months ago

How To Know The Difference Between Different Healthcare Facilities

The healthcare facilities in the US have evolved a lot over time. With the technological advancements in the industry, medical...

Cars & Vehicles5 months ago

How To Save Money When Buying Your First Car

Congratulations! You passed your driving test! You are now free to venture out on the open road, but you need...

Trending