When it comes to getting a car, one either has the choice of buying a new or used one. This is apart from the choice that you have to make to finalize the brand and which type of car you want to purchase. Of course, it also depends on the budget factor that one is considering. In this write-up, we will briefly look into the aspects of buying new vs used cars. Both the new cars and used cars have their own set of pros and cons, advantages and disadvantages.

This decision will be linked to your finances over the next few years, especially if you have availed an auto loan for it. So, do take the decision after a careful thought process and insights considering all the pros and cons of buying new vs used cars:

1. Pros of buying a new car

A new car will be just out of the showroom with the latest technological attachments and a warranty. This is one of the greatest pros of deciding to buy a new car. Secondly, it will just need servicing and regular maintenance as there would most probably be fewer breakdowns. The gas mileage will be better with lower emissions. Additionally, if you are opting for financing, the dealer will have options to choose from. You don’t have to worry about the wear and tear aspect when you purchase a new car, and this is a great advantage to consider when your mind is contemplating buying new vs used cars.

2. Cons of buying a new car

Although quite rare, there are cons to buying a new car. First and foremost, it will be an expensive expenditure. You need to be sure of your finances before taking this call. Next, after the warranty periods, the repairs will cost and you have to bear the costs. Then, the sales tax and the insurance will be costly as compared to the purchase of an old car.

3. Pros of buying a used car

The first major aspect will be that it will cost you much less if you make a one-time payment. Secondly, they incur fewer insurance premiums when compared to those of a new car. Moreover, there are good financing options for the buying of a used car.

4. Cons of buying a used car

A used car will come with probable repair issues and hence won’t be as reliable as you wish it to be. It can look perfect on the outside but they can have hidden technical issues that will show up over time and, as a result, increase the monthly bills. If you are getting it financed, then there is a possibility that the interest rates will be higher than that of a new car. In nine out of ten cases, the warranties will not be included. There is a lot of flexibility needed if you are opting for the purchase of a used car as you will probably not get the perfect match you need in terms of brand, model, color, and design of the car. You will have to select among the ones that are available at that time.

A car is a necessity and depending upon different aspects of your life, you will have to opt for the purchase of either a new one or a used one. The above-mentioned points on buying new vs used cars should definitely be helpful to make your decision.