Pros and cons of buying a pre-owned car
When you think about buying a car, apart from what brand, the first question that always springs to mind is ‘Should I buy new or used?’ and given the state of the economy, motorists are wary of making the wrong decision when it comes to making such a big purchase.
When decided which vehicle to purchase, Managing Director at MotorVaps highlights that it’s best to weigh up the pros and cons and then evaluate which route is the best way to go. “Neither choice is better than the other, but you need to educate yourself on the benefits and drawbacks of each so that you can make an informed decision and be prepared for any future expenses”, says Hains.
The first factor is without a doubt peace of mind. When the economy is so unstable, the cost of labour and parts can be unpredictable. You want to know that if something serious goes wrong, you are protected. This is where it’s vital to invest in motor financial services products like a warranty.
Going with a new car is most likely to come with a manufacturer warranty that covers the car for mechanical and electrical fault for a set time period. Whereas a pre-owned car might not come with that warranty. If the dealership you are buying from doesn’t offer an extended warranty in your purchase, it’s best to find out if the pre-owned vehicle you’re applying for qualifies for one and then purchasing it yourself. A mechanical warranty is almost a must for pre-owned cars as they have existing wear-and-tear and are more likely to problems later.
Financing is also a big thing for some people, and the finance terms of new vehicles sometimes seem too good to be true. While you might not need to pay larger amounts in the first few months, there could be a Balloon Payment later down the line and this is not the best approach for everyone.
There is also the option to finance a pre-owned car if you don’t have the full amount in cash.
With all the rising fuel costs, customers are also looking at fuel efficient cars with many of the newer models from 2012 having smaller engines with turbo for power. If these cars are driven correctly, it can aid to reducing your fuel consumption. Some older cars are gas-guzzlers, so a newer new or pre-owned small engine may be a more economical choice.
At the end of the day it does come down to personal preference and what you can afford or are willing to pay. Doing thorough research can help you when it comes to making the final decision.