Q.New Car Vs Used Car: Pros and Cons

While it’s always a good feeling buying a brand new car for a hassle-free experience, it doesn’t necessarily make financial sense all the time. When you buy a used car, not only do you save a few quid, but the car depreciates much lesser too. Here’s a list of pros and cons of getting a new car vs buying a used car. [CENTER] [ATTACH=CONFIG]n3831[/ATTACH] [/CENTER] [U][B]Pros Of Buying A New Car[/B][/U] [LIST] [*]First Owner - The first benefit of buying a brand new car is quite undeniably the fact that you are the first owner of the car. One doesn’t have to worry about the car’s past or if it is mechanically sound or road worthy. Ah, and you get that new car smell. Nothing beats that in my opinion. [*]Less Hassle - No frequent visits to the garage for repairs. Less of a hassle in terms of the cars’ mechanics or paper work. [*]Maintenance - No need for maintenance for the first six months or a few thousand kilometres. After that, it just requires an oil change and tuneup. [*]Extended Manufacturer Warranty - Most manufacturers now offer extend warranty for a period of two to three years. If something goes wrong with the car, the onus of fixing it is not on you, it’s with the manufacturer or the dealer. [*]Free Roadside Assistance - When you buy a brand new car, the dealer or the manufacturer gives you a toll free number for roadside assistance which can be of great help if your car breaks down. [*]Latest Tech - A brand new car would also be up-to-date in terms of technology, gadgets, accessories and equipment. That is unless the manufacturer or the dealer starts playing Mr. Scrooge and charge you extra for features and equipment one would expect from a brand new car. [/LIST] [B][U]Cons of buying a new car[/U][/B] [LIST] [*]Cost- The cost of buying a new car is obviously much higher than what you would pay for a used car. Also, the road tax for a new car (valid for 20 years) makes up a substantial chunk of amount you pay for the car. [*]Depreciation - A new car starts depreciating 20-30 per cent the minute it exits the showroom. So buying a used car doesn’t seem to be much of an investment as in the case of buying a used car. [*]Damage - I’d shed tears and beat myself if I manage to get a dent or a scratch on my new car, I’m sure you’d feel the same. [/LIST] [B][U]Pros of buying a used car[/U][/B] [LIST] [*]Cost - You can get the car you’ve been eyeing for a while for less than what you would have to pay for a brand new car. This is beneficial especially when you want to get a premium luxury car. [*]Transferable Warranty - Used cars don’t usually come with the same warranty as a brand new one but if the warranty on the car you are buying is still valid then you can transfer it from the first owner to the second without much hassle. [*]Depreciation - Used cars depreciate considerably less than a brand new one. This is helpful when you plan on reselling your car. [*]Road Tax - Road tax for a used car is already paid for. [*]Insurance - For a used car, the insurance amount is usually less than insuring a brand new car. [*]Modification - You could modify a used car to no end if you are up for it. You can wring out as much power or deck up the car the way you want it with all the money you saved buying a new car. If the car doesn’t have a manufacturer warranty, then even better. [/LIST] [B][U]Cons Of Buying A Used Car[/U][/B] [LIST] [*]Outdated - By the time you buy the car of your dreams from another chap, the specification, technology, features, gadgets and design would all be outdated, especially when a new model arrives in the market. [*]Legal Issues - Previous accidents and any other legal issues all come packaged with the used car. [*]Maintenance - While you save some dough while buying a used car, maintaining it can drain your bank balance in no time. Just ask @Stigwannabe [*]Higher Interest Rates - While financing a used car is no longer a pain in the butt as before, interest rates for used cars are still high. This in turn means it would make a lot more sense to buy a used car with cash rather than financing it. [/LIST] Buying a used car? Check out the checklist [URL="http://www.zigwheels.com/forum/posts/11146-used-car-buying-checklist"]here[/URL].