Should You buy an old car, resale car, second hand car or pre owned car
Buying a car is not an easy job as you don't buy them everyday. Specially it become more difficult to decide if you are buying for the first time. Recently I decided to buy first car of my life. Believe me, it was more difficult than I anticipated. There are so may decisions involved like buying a new or old car, economic or powerful car, model, colour, brands etc. Today in this hub I will discuss the first question whether to buy an old pre-owned car or to buy a new car. Once you decide that then deciding other factors are not that difficult.
If you are buying your first car then you are tempted to buy new car as it is your dream car. However it is still better to evaluate the pro and cons of buying a new car and same for the old car
1. Car is not an investment, its a liability
You should be aware of the fact that your car is not your investment, its a liability because cost of your car goes down and down as it becomes older. Economically, you should increase your investment and lower liability. For same model and brand of car, cost of new car is almost 60% more than a three year old car. Emotion about buying your dream car is understandable, but you should also think about the above mentioned fact of investment and liability.
2. New car is more fuel economic
If you are worried abut the fuel economy, then new car always gives you more kilometers per liter of fuel. However the difference is not much. If a new car is giving 18 Km per liter then a three year old car will give you anything between 14-15 Km per liter.
3. Insurance cost
Not only cost of new car is more than the old car, but you also pay more for the insurance. Again insurance cost for new car is almost double as compared to old cars.
4. Spare Parts Availability
If you are buying an old car, you may need to worry about the spare parts availability in the market. There are two reasons for this. If the car model is too old, and car company discontinue making that model, then most probably it will also discontinue making spare parts. Also there are more probability of breaking down of old cars and it may need to go to garage more often.
I hope, I am able to help some of your questions about deciding a new or old cars. If you think you can add more to this, please use the comment section below.
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