Are you buying your first car? Are you confused whether you should buy an used car or a new car? Don’t worry, answer the following questions and get on to a result. By answering these question, you would get to know whether you should buy an used car or a new car.
- What’s your budget for buying your car?
- Do you want a loan to buy your car?
- If you want a loan, how much EMI would you be able to pay easily?
- Do you own a Car Parking?
- How confident are you while driving, if you have just learnt the driving and buying your first new car?
- What is the use of car in your life? Is it just for owning a car or you need it for your daily commute to your work?
- Deprecation in the resale value of your car?
Once you have answer to these question, you automatically know, which car should you buy- an used car or a new car. Let us help you in finding the answers to the above questions.
What’s your budget for buying your car?
First of all, whether it’s your first car or second car; you need to decided, how much can you shell out from your pocket? You can buy a good Hatchback Car in just Rs.2.70 Lakhs. This is the starting price and it ranges to around Rs.9.00 Lakhs. And, for Sedan, you will have to shell out more than this range. So, it completely depends on your pocket, how much could you afford to shell out.
Do you want a loan to buy your car?
Next question arises, as per your budget, how would you want to buy your car? Would you like to get a loan for buying your car or you will pay your own money? And, if you go for a loan, how much EMI would suit your pocket? Before, you decide on anything, make sure you do your homework properly on your monthly expenses.
Do you own a personal parking?
In today’s scenario, owning a personal parking is one of the most important aspects before buying a new car. In cities like Delhi, Mumbai, you hardly get a parking space. In such cases, when you park your car on road side or anywhere wherever you get space, there is a high possibility of getting your car damaged or theft. You may get scratches all over your car’s body, every now and then. There are times, people break the glasses of your car just to take out your car’s music system. Also, you cannot deny the high possibilities of theft of your car. Instead, its a better option to arrange for a parking first and then buy a new car. Hence, owning a car parking is something you need to think upon, before buying your new car.
How confident are you while driving?
If you have just learnt car driving, then, you need to see, how confident are you while driving in the traffic, so that your car do not get any scratches at all. Or, you may like to try your hands on an used car first and get enough experience of driving in traffic. And, then may be you like to buy your first new car.
What is the use of car in your life?
What is your purpose of buying a car? Is it just for the sake of owning a car of your own? Or, you want to buy a car for your daily commute to your work? If you want to use your car for your daily commute, you may try an used car first.
Deprecation in the resale value of your car?
Depreciation rate could be anything between 15%-20%. However, it also depends on the age of the car. Following are the slabs of depreciation of first hand average standard conditioned cars with regular wear & tear:
When you buy an used car and resell it after certain period, you get better resale value for the same.
Click Here to get the valuation of your old car
Pros of a New Car:
If you buy a new car, definitely there are benefits of its own kind. Such as
- You get your new car with all the latest technologies of that era,
- Peace of mind as you know it’s a new car,
- An obvious special feeling of pride and happiness of owning your own car
Cons of a New Car:
- As compared to an used car, its very expensive
- High depreciation
- Very heavy on pocket, either ways- loan or from your own sources
Pros of an Used Car:
- Light on pocket
- Even, you may not need a loan for buying an used car
- Better resale value
- Lower depreciation
- Lesser insurance premium
Cons of an Used Car:
- Not so latest technology
- At times, maintenance cost could be high
How to decide whether to buy an used car or a new car?
Everyone may have their own opinion and preferences. I have mine. So, I feel that before buying a new car, you must be confident enough to drive in the traffic. Also, you must have your own personal parking. Go for loan only, if it is the last option. A car is a kind of small investment towards our safety and comfort. If you are investing less on used car and getting the same benefits as of new car, then it’s a better deal, isn’t it? This is how I feel, may be you think in a different way. However, think wisely, before you invest on your First Car- whether you should buy a New Car or an Used Car?
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