The Dilemma of Investing In a New Car or a Used One

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Who doesn’t like buying a car, especially if it’s your first? However, when it comes to making any kind of an investment, smart are those who take a moment to consider their options! Before making your investment in a car, you need to, first of all, decide if you’ll be investing a new car or a used one. There are a number of considerations and factors that might convince you to go for either of the two. Here are the considerations that you need to make before making your decision:

The Price of the Car

One of the first considerations that you’ll need to make, when choosing between buying a newer car or an older one, will obviously relate to the price of the cars. An average new car costs anywhere north of $15,000. If you are unable to bear such a cost, then you’d be better off investing in a used car. Buyers can easily find good, reasonable and reliable cars for $5,000-10,000. Regardless of what your requirements might be, it ultimately comes down to your budget, right?

The Need for Maintenance

When it comes to investing in a new car, the fact of the matter is that it will come with the headache of maintenance. It is because even a slightest scratch on the new paint job is going to feel heavy for the owner, owing to the heavy investment already made. When you speak of a used car, on the other hand, there’s not much need for such care. Regardless of how good or reliable it might be, it is still a used car that has already got a few things that are not working in its favour. Therefore, if you don’t have enough time to spare for the maintenance of your car, you’ll be better off choosing a used one.

The Insurance Costs

When you invest in something as costly as a car, the need for insurance is obvious. In a majority of cases, you are going to need to pay more for the insurance of a new car than that of the used car in Canada. It is because your used car will only require collision coverage, in most cases, while a new car will require an insurance package that is not only more comprehensive but expensive as well. With a used car at your disposal, you can obviously be more carefree.

The Design

If you go out to buy a used car, you’ll only be able to buy something from the choices available. What this means is that there’s a high chance of you not getting the design of the car that you had initially intended to purchase. When it comes to a new car, however, you can, literally, have the car of your dreams. From the exterior design to the interior comfort to the paint job, with a new car, you can be sure to find exactly what you’re looking for.

The Concern for Safety

When you speak of purchasing a used car, there are chances that you’ll b e purchasing a car that is outdated. What this means is that your car will not be equipped with the latest safety systems that have been developed over the course of time. This might be a significant reason for someone to choose a new car over a used one, considering how your safety should be prioritised over everything else.

The Replacement Parts

There’s something that the ones rooting for purchasing older cars need to be aware of: the potential unavailability of replacement parts. If you’re going to make an investment into a used car, you need to ensure that the replacement parts for the car are readily available and will continue to be readily available in the foreseeable future. If you don’t go through this process, however, you can be certain that your investment will be ruined on the instance of a bad tyre even.

Making Your Choice

Once you have considered all of the factors that are important to you, you’ll need to make your choice. When it comes to the dilemma between purchasing a new car or a used one, the fact of the matter is that there is no single answer that will cater to all Canadians. Remember: you need to make the investment that will bear the best returns for “you”!

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