Buy a new car is safe and reliable if you can pay well. All the features are safe.You need to pay high insurance cost for high material car. On the other hand, used cars are cheaper. You need to search for the car according to your requirements and price rang.
It is tough to buy a car for yourself even an old or new one. Be sure you’re making the right choice at every step. You have a clear decision about whether you need a car and how much capital you have to borrow? All the decisions you take will have their significance.
What if you get fooled even while buying a new car? Is your pocket being cut while purchasing a used car? Let’s help you make an ultimate choice about whether you should buy a Second hand or a Brand New Car.
Before we go deep down, let’s uncover some general factors that assist in buying a new car and what factors are against it.
Benefits of Buying a Brand New Car.
- Advanced Features and Technology
If you’re a technology freak, you must be aware that the cool features and technology change almost every six months in a car. How hard you can use an old material car will not be able to deliver you that chill.
- Reasonable Maintenance Cost
Yes, you can drive your Brand New for at least a year with a hand back tied. Your car will never go under strict maintenance for almost a year. A new car would help you cut down your expenses on maintenance costs. On the flip side, an old car must have been used for a long time. It sure will cost more to fix it.
- Interest on Loan
If you’re going to acquire a loan for your car then remember the facts. Buying a new car will cost you less interest rate than an old car. If you are lending a loan from ICIC Bank, it offers you an interest rate of almost 8_10% on buying a new car. On the other hand, purchasing a second-hand bank gives you an interest rate of 13_15%.
Advantages of Buying a second hand
When you buy a new car it loses about 15% or more of its value just by rolling off the lot.
The value of a new car depreciates much faster than an old car. So you automatically lose money right from the start.
To show you what I mean, If you buy a new Maruti Suzuki Baleno it will cost you RS. 8 LAKH approx. Now, you’re going to sell it after a year expecting that its value depreciates at least 25%, you will have only the choice to sell it.
- Taxation & Registration Expenses
Buying a used car will protect your pocket from paying you additional expenses like registration fees, road taxes, etc. As they were paid by the previous owner of the car. While buying a new car, you should keep in your mind you have to incur additional charges on registration fees and road taxes.
Time to Ultimate Decision
So if you have decided to buy a used car, get it checked and thoroughly inspected by a good mechanic before buying it. Also, take the service history and keep the loan calculation in mind. And take an old car only if you want the purpose of learning and practicing it.
And if you have a good business, you can go for a new car. Buying a new car will always be better than an old car.