If you’re in the market for a mode of transportation, but you do not have the amount needed to buy it brand new. Then buying a used car is the way to go, as you can save big money by buying a car used. Here are some of the pro and cons when buying a used vehicle.
Pros
Price And depreciation
The reason you are buying a used car in the first place is because of their lower price, as brand new cars usually come with a big price tag. Beside you can save thousands on it buying used.
Depending on the car condition, the price tag for these used vehicles may vary around 10% to 70% less compared to when they are brand new. As for the reason for the lower price, well car will always depreciate whether it’s new or used. The difference is only just the rate of depreciation on the car, for a new car the rate will be faster as compared to used ones where the rate will gradually slow down overtime.
Insurance Premium
You might not know what is insurance premium. Well, Insurance premium is the amount you pay your insurance company for insurance coverage. This coverage includes collision coverage or natural disaster coverage to name a few.
Insurance premium on a used vehicle is lower compare to a brand new one, the reason for that is the vehicle declared value. The declared value of the vehicle will depreciate as time goes by with newer and better car being introduce every year. Another thing to add is that the bulk of the premium has being paid by its previous owner of the vehicle when it was still new. Therefore, the amount you need to pay in insurance is considerably lower.
Stress Free Driving
Buying a used car has its advantages, one of its advantage is the feeling of driving tension free, without the worry of getting that first dent or scratch to the car as the previous owner has already done it for you.
This might be quite useful to parents who are buying a used vehicle for their children as their first car or for first-time buyer, as the potential risk of getting dents or scratches is quite high as their real world driving skill is not quite there yet.
Cons
Reliability
Buying a used car is like buying over someone else problem. You know what you are getting into when you decide on buying a used car. When buying a used car you do not know who is the previous owner, what it’s being used for or the history behind the car.
There is no guarantee that the car will run as well when it was new. However, all of this could have been avoided if you do a lot of research on the car. Therefore, always do tons of research before buying and not after buying it. If you don’t, then the chance of you buying a lemon is quiet high.
· note: Lemon = A car that looks good on the outside but has many hidden problems on the underneath.
Maintenance
Used car cost a lot more to maintain in particular cars that are over 10 years old. Used vehicle are more prone to damage as more things are getting worn out and needed to be replaced.
If you didn’t do enough research on the car and you decide to buy it and it so happens to be a lemon, then the main reason for you buying a used car makes little to no sense anymore. The reason I said this is the amount you save from buying used will quickly go towards maintaining the car so that the car meets the standard requirement for road worthiness.
Warranty
Unlike brand new car where the manufacturer will provide factory warranty, a used car does not have any warranty what so ever. As a result of that, they may require you to pay extra for the repair costs.
Conclusion
Buying a used car could save a lot of money. That being said, buying used also has its problems. Therefore, always do lots of research and practice cautious before buying a used car. Set your emotions aside so that the choice you have made is not an emotional one. Sometimes our emotions can really affect the purchasing behaviours and decisions. Take a step back and look for other alternative, ask for advice from your friends and family if you do not understand and could not decide.
That’s it for this article I hope you find the article helpful. If you find it informative, do share with your friends and family, leave a comment on what I miss or what should I improve on. It helps till next time, Stay safe.
