That sinking feeling
There’s nothing more disheartening than the realisation that your old skidonk has gasped its last smokey gasp. With it, the dreadful knowledge that you now need to cough up for a replacement car.
The decision to buy either a new or used vehicle will be based on a number of factors – most pertinently, your vehicle financing options – especially if you have bad credit or have been blacklisted.
New – pros
There’s no denying the allure of a brand new car. To smell that new-car scent and see your reflection in the shiny paint.
Most new cars are known for their reliability and if anything does go wrong, chances are it’s covered by the warranty.
Buying new also means that you don’t have to worry about how the vehicle was maintained and treated by the previous owner.
New – cons
Not only do new cars cost more than secondhand cars, but their value depreciates quickly too. Sadly, a new vehicle loses a large portion of value as it drives off the showroom floor.
Insuring a new car also costs more than used models, as replacement values are higher.
Used – pros
While “pre-owned vehicles” are less enchanting than new cars, they are a practical financial reality.
Realistically, a low mileage, late-model used car is essentially new. Buying a decent used vehicle is an opportunity to get the best bang for your buck.
Pre-certified dealers often offer strong warranties, sometimes even including the remaining balance of the factory warranty, and the opportunity to purchase an extended warranty.
Used – cons
Despite all the assurances, used cars have the stigma of unknown reliability. Because you don’t know how the vehicle was taken care of before, there is always that fear of buying a lemon.
Finding a used vehicle that comes with the options and features that you want can be a time-consuming challenge.