Which one would you go for?
Prior to this, one has to set a budget beforehand and decided whether it allows him/her to pursue a new or old car.
New car pros
Warranty from the manufacturer after purchase is one of the biggest advantage of new a new machine.
You’re likely to enjoy a few years of trouble-free ownership and if something does go wrong, you don’t have to pay to get it fixed.
New cars offer the latest technology, which enhances your safety and offers the ultimate convenience.
The ability to customize is also appealing to many car buyers. Choose your favorite paint color and wheels, even add packages with bonus features to make every drive more enjoyable.
Cons of new cars
Depreciation is one of the big reasons people choose to stay away from new cars. Drive off and your car isn’t worth what it was when you were looking at it two minutes earlier.
In many instances the cost of buying a new car is very high and prohibitive for many people.
Insurance is also often more expensive with a new vehicle because replacement cost is higher.
Used car pros
On average, used cars prices are almost 50% lower than new cars! You will be able to pay off a used car much faster, saving you financing fees.
You don’t have to settle for expensive dealership add-ons when buying a used car. You may install your own at a lower cost than on a new car.
The insurance rates for used vehicles tend to be less expensive than brand new cars. Taxes and registration fees also tend be lower with used cars.
Used car cons
Buying a new car means you typically don't have to deal with any mechanical problems for quite a while. It's safe to say that you can probably go a few years without ever having a mechanical breakdown, but this is never guaranteed with used vehicles. It could potentially break down as soon as you drive off.
When you buy used cars, they are usually sold "as-is." This means that any issues it may have are completely your responsibility.
When you purchase a used car, there's a chance you'll be getting older and less reliable technology.