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Car shopping can be mighty stressful. Knowing what kind of car you need, what to look for, and how much you should spend is a whole other level of confusion! We’ve rounded up some pros and cons of both new and used vehicles that might provide a little insight… even if the most you know about cars comes from the Pixar movie.
1. Used Car Pros
Forget the stigma around used cars – nowadays the pros of getting your wheels preloved far outweigh the cons. If you want to save on insurance, used cars generally have lower rates. When a car is worth less, you’ll be forking out less to insure it on the roads.
When you buy a new car you practically lose value the second you drive it out of the lot! However, with a used car, most of the depreciation of value has already happened before you get behind the wheel – so, if you’re to resell you’ll lose less money than if you were selling your brand new motor.
Another pro of your beat-up beamer is just way less stress. Pushed your trolley into the door? Got a few little dings? Reversed into your neighbours letterbox… again? Uh well, it’s not like it’s brand new or anything!
2. Used Cars Cons
There are a few risks that are involved when you’re purchasing a car second-hand. Firstly, if you’re not a car connoisseur it can be difficult to tell if you’re getting a good deal. Do your research and Google the key things to look for when you’re checking out your potential new ride. If possible, get a mechanic to check it out and make sure you do a test-drive. Being well-informed will lessen your risk of buying a dud.
Older cars usually aren’t as fuel-efficient, and you’ll probably be spending more on petrol to get you from A to B. There will also be hidden maintenance costs, and old vehicles are usually not as up-to-date with modern safety features which is something to keep in mind.
3. New Car Pro
I mean, the obvious here is that it’s new, duh! The biggest pro of a brand-spanking-new car is that new car smell. Period. New cars also allow you a better variety of choice when it comes to model, style, colouring, and fancy extras (car seat warmer? state-of-the-art sound system?). Having a warranty when you drive away with you hot new ride will also give you a peace of mind that you just can’t get with a used car.
4. New Car Con
The biggest drawback to buying a brand new set of wheels is the decrease in value that you’ll get back if you ever decide to part ways with your motor. New cars are pretty expensive. After insurance, forking out the moolah for the shiny new vehicle, on top of registration and other fees – it can burn a bit of a hole in your wallet.
If you’ve fallen in love with the car of your dreams, a Nimble Car Loan can help you get behind the wheel, ASAP. Alternatively, if your much-loved vehicle needs a quick trip to the mechanic to get back on the road, a Nimble Payday loan can assist in that speedy recovery.
Disclaimer: Please note this content is provided as general information only and does not take into account your objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The above post refers to application software (“App, Apps”) that is not affiliated or associated with Nimble. We do not have any control or responsibility over the content of the Apps. Use of the Apps may be subject to further terms and conditions imposed by the App provider, the owner of the mobile operating system and/or other related parties. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in this blog post. The information contained in this article is correct at the date of publication.