If you live in the city, then you have dealt with the conundrum of owning a car without breaking the bank. Especially if you are just starting your career and living from paycheck to paycheck, you probably won’t have the extra money to pay for a vehicle, even if owning one is essential for you. An excellent alternative in such a case is considering a used car. Even though purchasing a used car is a good option, you should consider the pros and cons. Below are some valid criteria that go into deciding whether to go for this option or not.
Let’s First Consider the Pros
There is no doubt that buying a used car is a great way of owning your car of interest that would otherwise be out of budget, should you seek a brand new one. You will need to do some thorough research about the seller you are going to deal with and do the needed inspection before reaching a deal. It is ok because of financial reasons to overlook some problems here and there, but make sure you are aware of the issues at hand and that the owner is not hiding the whole truth from you in order to make a bigger profit at your expense. Another fact to mind is that if you buy one from a trustworthy auto shop, you can benefit from paying in installments rather than a cash lump sum had it been through an individual seller.
Nowadays, in most parts of the world you are required by law to insure your vehicle for your own safety as well as that of other drivers and pedestrians. If you get yourself in an accident, and need to hire an attorney that will be getting the right amount of compensation for your case, it will be more affordable than having to go through a similar situation with a new car, as used cars are cheaper to insure for less liability costs, which means you will pay less premium each month than you would have for a new one.
If you have just moved to a new country to start a new job, investing a huge amount of money in a new car isn’t the wisest decision, especially if you are not sure yet whether this move is a long or short term. You can search Facebook groups and online auto magazines for a sweet car deal that does not cost you an arm and a leg. You also need to consider the resale value of your new potential car since you are not sure of your status.
Another scenario might be that you are still a beginner level driver. The smart way to go here is to seek used cars instead of new. It’s true that once you get your driver’s license you will be eager to fulfill your dream of cruising in your dream car; however, it is safer to practice for a year or so in a used car until you gain the confidence needed to be out on the road. Driving a brand new car when you are just starting will add a lot of pressure that you are better off averting.
As for the Cons
Even if you have done all the needed checks prior to buying your used car, there is still a higher chance of breaking down for no obvious reasons other than “aging.” You run the risk of spending the money you initially saved buying a used car on recurring repairs like oil changes and engine overheating. Unfortunately, this is not something you can foresee, problems will arise after regular use and it will be too late to blame the previous owner.
A car that is pre-owned multiple times loses its market value considerably. With new cars coming out every so often, this depreciation of your used car will make it harder to resell for a decent amount of money and you won’t be able to depend on getting enough to invest towards the new car you want.
As the car engine gets older, its gas consumption efficiency gets worse over time. You will find yourself taking more frequent trips to the gas station since your car is not making the best use of gas as a considerable amount burns in vain.
Factors that go into the decision of buying a used car versus a new one will vary from one person to the other. However, by assessing your needs and the weights you assign to each of these factors, making the choice will be less complicated than you would imagine.
