New Car Vs Old Car – What’s Right For You

People have different reasons to choose an old car over a new, and it’s just not possible to lay a finger on one specific reason for doing so. You may face a similar situation at some time or the other, especially when different options are open to you at any given time. Valid reasons can be applied to the logic of purchasing old or new cars based on common factors affecting most people in a similar situation. Consider the following conditions to make an informed decision.
Does Your Passion For Cars Rule?
If that’s the case, you have very little choice but to go in for the latest model of your dream car released a day or two before you set your eyes on it. The reasons are quite simple. Your passion for owning a specific brand overcomes monetary constraints and even the need to consider monthly maintenance bills. The sheer thought of driving your precious car often makes you believe other factors need not be considered. Unfortunately, the reasoning is not very sound.
Most cars on the road today are fitted with advanced features similar to each other. We often hear of the term “same segment comparison” applied to different segments of small, medium, and premium cars. It’s easy to compare features offered by different manufacturers, but once you’ve decided on a specific model, it’s almost too difficult for features to induce a change in decision.
Consider Practical Aspects Of Depreciation
New cars depreciate almost as soon as they leave the showroom. The first few years can literally create a resale value of less than half the actual price. In some cases, valuation can drop to less than one third simply because several models were released with more advanced features after you made the purchase. Competitiveness force manufacturers to keep prices under control, and a new model with many advanced features may actually cost marginally more than your model even after ruling the market for a few years.
Age Does Play A Big Role
People in the 18 – 40 age group may actually prefer a sports model over entry-level car with pleasant thoughts of high-speed manoeuvres on a highway’s fast lane. At the other end of the spectrum, you’ll find older people in the 50+ age group wanting a conservative car offering ease of driving with low maintenance costs. Middle-aged men and women are more practical and consider family expenses while whether the entire family can fit in when making a buying decision.
New Cars Carry Warranties
A definite maintenance schedule is offered to buyers of new cars. In most cases, insurance covers all damages on the road. Mechanical defects and dents are covered under warranty for an extended period of three years or more in some cases. Manufacturers master the art of designing cars with tenacious output over the warranty period. Though it’s a win-win situation for buyers as well as manufacturers, you must consider the fact old cars are bound to have more breakdowns and higher maintenance costs, irrespective of whether it is covered under a service contract or not.
Old Cars Are Definitely Cheaper
Many people face the predicament of trying to muster enough finances to buy a new car and are forced to change their decision at the very last minute. Buying an old car is not really a predicament when you consider a saving of 50% over the original cost, lower depreciation value, and the choice to regulate how many miles you cover every day. If usage is at a minimum, mileage is not much of problem. Old cars may prove to be better buys, as insurance costs remain stable even with higher depreciation making it easier for you to opt for maintenance contracts.
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