Hook: If you were to advise a person with a car that has eventually broken down, would you tell them to buy a used one?
Many people think that buying a used one would save them more money and that buying a new one would weigh them down financially.
Weighing in the practicality made us come up with the following points to consider:
Used Cars Need More Work
Yes, a used car is much cheaper, but are you willing to do some maintenance tasks? Do you even have the skills and knowledge to deal with sudden breakdowns? Do you also have tools for fixing cars? How willing are you to get your hands dirty?
You can learn to tinker with cars and make the necessary repairs now and then, but learning takes some time. If you prefer to spend your free time outdoors, consider striking a used car off your list.
A used car is exactly what it is – used. You may not know how long and how hard it has been used. You will need to replace some parts and have your used car undergo maintenance regularly to keep it running. Will you be able to remember service schedules and keep up with the fees you need to pay?
Many vehicles have been dumped at the junkyard for requiring repairs that cost more than just buying a new one.
Think about it – the hassle, the expense, and anxiety of knowing your used car could conk out on you any time. Do you even have emergency cash ready when it does?
One fact that remains is that used cars are older. There could be something that could break, causing an accident at some point.
Newer cars have more safety features and are more updated. You wouldn’t have to worry much about parts breaking when you have a brand spanking new car to drive. Safety is a priority, and one you should not skimp on.
Yes, a used car is much cheaper than a brand new one. Yes, you may be able to afford one right now and purchase it sooner. But there are some things that you may have to consider besides buying a brand new car.
If you want a car that is safe as possible, won’t leave you stranded on the road, and will have predictable and affordable costs, lease a brand new one.
Why lease a car instead of buying?
Honestly, lease payments made monthly could actually be lower than financing a new purchase. When you lease a car, there isn’t much to worry about with financial penalties. You can even switch cars every few years if you want.
Drivers in the age range of 29 to 39 purchase brand new cars and keep them for about five years. Warranties extend up to less than that time and only up to three years. A new car will be new now, but it is not actually an asset. It loses value and will need maintenance too.