Primary Differences Between Brand New and Used Cars

1. Primary Differences Between Brand New and Used Cars https://www.mycar.ca/

2. Choosing between a used vehicle or a brand new one is a big decision that needs to be thought about. To help you come up with a well-informed decision, we have here a quick comparison between buying a brand new car and purchasing a preloved or used car. A vehicle is one of the most expensive investments people buy for themselves or their families. While many opt to buy brand new cars, others prefer pre-loved or used cars. But what should you choose between these two options? Which is better?

3. What’s this presentation about? Use this slide to introduce yourself and give a high level overview of the topic you’re about to explain.

4. Choosing between a used vehicle or a brand new one is a big decision that needs to be fully thought through. Before you finally decide, you have to consider knowing the pros and cons of each option and match them with your needs and preferences. To help you come up with a well-informed decision, we have here a quick comparison between buying a brand new car and purchasing a preloved or used car.

5. Let’s look at the most obvious reason why people are torn between buying a brand new and used car- financial capacity or budget. Used cars are less expensive than brand new cars. If you want to own a specific model, year, and make of car but can’t afford to buy the brand new version, the next option is to visit any of the North Bay car dealerships and see if that car is available for sale. Used cars typically cost around 10% to 70% cheaper than the original price of the brand new version. This means that you can save as much as 70% when you buy a preloved car with the same model, make, and year. The price of used cars, however, depends on different factors like condition, age, and mileage. Budget

6. Repair and Maintenance Another deciding factor is the frequency of the car’s need for repair and maintenance. One of the primary advantages of brand new wheels is that they are almost likely defect-free. And just in case you notice some problems in your brand new car and it is still under warranty, the manufacturer or car dealer will shoulder the cost of repair.

8. On the other hand, used cars typically need more maintenance and repair. This, however, depends greatly on the condition of the vehicle and how well you take good care of it.

9. In general, the car insurance premium for used vehicles is lower than the brand new cars. When computing, car insurance companies take the age and fair market value of the vehicle into consideration. You need to take note, though, that some car insurance companies do not accept vehicles that are over 10 years old. Car Insurance Costs

10. Resale Value

11. The car’s value depreciates over time. If you don’t plan on selling your vehicle in the future, purchasing a brand new car is better than getting a used car. However, if you plan to use the car for just a few years and then sell it later on, opt for a pre-loved car. The resale value of a brand new car is typically lower than the used vehicle as the latter depreciates less than the previous. A brand new car depreciates by 20% to 30% as soon as you take it home. After 3 years, its value will drop further by as much as 50%. Used car owners, on the other hand, can benefit from a lower cost-to-resale ratio. You can sell it at the exact same amount you purchase it as long as it is well-maintained and in good condition. You can even sell it at a higher price especially if you added some customizations or new features.

12. Fuel Cost

13. When buying a car, you don’t just consider the initial amount you need to invest. You also have to think about the other costs or expenses like maintenance, repair, and fuel cost. When it comes to fuel costs, you will be able to save money on gas by choosing the newer models. In most cases, the latest models are designed with better mileage than the old models. This is not a rule of thumb, though. You still need to personally check if your chosen make or model is fuel-efficient or not. On the contrary, not all old models are huge fuel consumers. You can still find some old models that are fuel-efficient nowadays.

15. Availability

16. Let’s say you already have a specific model, make, or year on mind and want to purchase it asap. When it comes to availability and how quickly you can get your car, it is better to turn to brand new vehicles. Brand new wheels are readily available in different car dealerships. Whilst, you need to exert extra effort and find to find a preloved vehicle.

17. Financing Option

18. How are you going to pay for the purchase- in cash or via a car loan? If you hate being chased by monthly car installments or loan plus hefty interests but can’t put out the needed amount for a brand-new car, the best alternative is to purchase a used car. Not only will you free yourself from stress, but you can also save money this way. Again, used cars are way cheaper than brand-new vehicles. You will not need to pay interest, just make sure that the car you have chosen is in excellent condition and does not require much maintenance or frequent major repairs.

19. On the other hand, if you opt to purchase via an auto loan, it is better to choose a brand-new model. Purchasing through a car loan can help you manage your finances easily. It allows you to get rid of the hefty one-time payment and instead pay for the loan in small amounts through monthly amortizations. Depending on the loan firm, you can actually get longer repayment terms at lower interest rates is you choose to purchase a brand new car.

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