Should My First Car Be New Or Used- I'd say used, here is why
Yes, it’s time for a new Car .. yay so Exciting!
If you asked almost every personal finance pundit that question, they’ll give you a bunch of reasons why you should buy used car instead of Buying a brand New car.
Well , My first car was a Camry used one…In many ways, a first automobile is like the first time you date.
A Used car be your First car because of many reasons but one of the main things in depreciation. new car depreciate to half the day you buy it. But, the preowned car is already Depreciated by the first owner.
For the first time, you’re delighted yet unclear whether it will lead to a long-term relationship. Take care of things quickly and efficiently.
If you’re not careful, buying a used car might be one of the most costly blunders of your life.
For first-time automobile purchasers, the greatest deal is on a used vehicle.
In the first year of a car’s existence, depreciation is the biggest, hence wealthy individuals avoid buying new automobiles.
It is ideal to buy a used automobile with low mileage and a complete service history straight from its former owner.
A vehicle may be a huge financial commitment. Calculating the vehicle’s cost of ownership includes the cost of Insurance, gasoline, tyres, regular maintenance & Servicing…
Here are some things to keep in mind while purchasing a vehicle.
So what are advantages of Buying a used car as your First car!
A new automobile isn’t always the best option when it comes to long-term reliability. Look for a certified pre-owned vehicle, which confirms that you are receiving what you paid for in the first place.
Advantages of Purchasing a Used Automobile
1. It’s less costly in the beginning.
If you need modest monthly payments as a first time car Buyer and a cheap downpayment, a used automobile is a better alternative for you to consider.
2.It’s an excellent option for the short term.
If you’re planning to upgrade your vehicle in the next few years and only need a vehicle to bridge the gap, a used vehicle may be a suitable option.
Make sure to set aside money for servicing and maintenance so that you can maintain the vehicle in excellent working order until you’re ready to sell it.
3.You’ve invested in a vehicle that will keep its worth.
There are certain automobiles that just keep their worth well, and even if you purchase one used, selling it a few years later will not result in a significant loss in value( Depreciate).
4.New cars lose value( Depreciate)
Automobiles lose value. Even though many cars last a long time, the majority of their monetary value is lost in the first few years of their life.
New vehicles do have numerous benefits, such as free maintenance, low financing, and warranties. However, if you don’t want to buy new but still want some benefits, certified pre-owned vehicles are an option to consider.
Also read: Cars with the least depreciation
5.You will avoid any hidden fees.
When you buy a new car, there are often hundreds of dollars in hidden fees. When you buy used, you won’t have to worry about shipping fees or other hidden costs that come with purchasing a new car.
If you’re buying used, make sure to read the fine print to find out what additional fees, if any, are being added to the total cost of the vehicle.
6.The Advantages of Purchasing a Used Car Are Numerous
There are numerous advantages to purchasing a used car, including the ability to purchase a better car or investigate the history of a vehicle.
You can conduct research to determine whether or not you are paying the correct price and read numerous reviews on the various aspects of the car you are considering.Furthermore, you will not waste money on depreciation simply by driving something new off the lot.
The Best Used-car Websites to purchase/Sell your car
List of Best Used car Websites
- Edmunds.com : The Best Over all -The best Up-to-date pricing & Reviews
- CarsDirect : the Best basic Online Car Purchase in the Market
- KBB.com : Best to Flip cars( Buy -Fix-sell)
- Cars24.com The best for American made Cars
- Classiccars.com: Best for Vintage /Classic Cars
- Cars.com : The best one-stop shop for American made cars
- Newcars.com Best in the market for New cars Purchase
- eBaymotors.com : The Best for Car Auction
- Carfax.com : The best to get History report + Buy Used cars
- carGurus.com : The best for Cheap cars
The disadvantages of purchasing a secondhand automobile as a first time car Buyer
There is no warranty protection.
There might be a variety of problems with used automobiles, and even if you buy from a respectable dealer, there could be underlying problems.
If your pre-owned vehicle does not come with a warranty, you will be stuck with it until it does.
Spend a little more money to get the vehicle inspected by an expert in the business.
Fuel efficiency can be on the lower range.
If you’re aiming for the automobile that drove all the ladies wild back in high school, you’re probably also going to be spending a lot of money on petrol.
Modern engines benefit from changes that allow them to operate more efficiently while using less fuel.
Will Breakdown sooner
If you buy a used car, there are no guarantees that it will run well for the next five, ten, or twenty years.
You’ll never know how the previous owner drove the car or whether they returned it because it broke down.
Before purchasing a used car, have it inspected by a reputable mechanic.
Used cars can be Unreliable ( Especially on the HIGH ways & if they are more than 100k Miles) :
Used cars are significantly more likely than new cars to fail you, to let you down, and to abandon you on the highway.
Colors and features are limited.
In reality, when looking for used cars, what you see is what you get. Used cars provide fewer options for customization or choice than new cars. If you have your heart set on a specific feature, you may be better off purchasing new.
Repairs will be costly.
If cost-cutting was a factor in your decision, the money you saved by buying used could quickly be put towards repairs and maintenance. These are things you’ll need to do sooner than if you bought new, such as new tyres, brakes, transmission flushes, and so on.
Getting Insurance for a used Luxury car can be Harder:
When you think of vehicle insurance, you probably think of risk. The older the cars, the more dangerous it gets to insure it since its dependability begins to deteriorate.
As a result, you will have to pay higher insurance rates as a result of this.
The Best Car Insurance Websites for your Luxe car
List of Best AUTO Insurance websites
- Geico.com : The Best Over all and for Most Drivers
- USAA.com : The Best basic Insurance for Military people.
- Statefarm.com : Best Cheap Insurance
- Allstate.com The best To take Advantage for Clean Drivers
- Progressive.com: Best for Bundling your car Insurance with Other Insurances
Getting a Good Finance for the used Luxe Car can be a Bit Tricky.
Not everyone will be interested in lending money to you for your 10+-year-old car
Then, in order to mitigate their risk, they may choose to include some interest as well as a greater downpayment.
Are You looking for a New/Used car? Check the list of Best Car Finance companies in the market as per your needs
- MyAutoloan.com : Car loan for New/ Used cars
- Supermoney Car loans–Supermoney.com The best Personalized Auto Loan Offers From Leading Lending Partners
- Way.com : the best for Refinance
- LoanMart US – The best for Title Loan Applications
- Personal loans : Best for Up to 5K loans
- LoanPioneer : Best for Vehicle Repairs Loans
- Bad Credit Loans : Best for Bad Credit Score
- FuturaCredit: – The best for loans Up to $25K
- Light stream car Loans : Simple and Uncomplicated loans from $5,000 to $100,000
What Should You Do Before Purchasing a Used Car!- as a First time car Buyer
In the event that you are set on purchasing a pre-owned Mercedes, there are a few essential procedures to follow.
Carry out your research.
A thorough investigation of the specific year and model you’re considering should be conducted before making a major buying choice.
Every model and year will have its own set of quirks and problems.
It is a fantastic approach to take your study to the next level by finding owners’ forums online.
Current owners of the used car you’re considering will be able to provide valuable insight into how well it has held up over time.
Make careful to seek for recently sold automobiles that are similar to yours so that you can be confident you’re getting a fair deal.
The CarHistory Report is a good place to start.
Grab a copy of the car history record before purchasing a secondhand car to prevent any unpleasant surprises.
This will help you to determine whether or not there have been any accidents and whether or not maintenance has been completed on time.
Take a test drive.
Purchasing a vehicle without first setting foot inside is a dangerous proposition. When it comes to buying a secondhand automobile, the process becomes much more convoluted.
Make certain that you get the opportunity to test drive the pre-owned Mercedes.
Additionally, think about having a mechanic with you to examine the condition of the vehicle.
Before making a purchasing choice, a technician might point out technical flaws and failing components to the customer.
Is Owning Used cars is Expensive?
Sometimes secondhand cars can be costly to own. While you may be able to save some money due to the severe depreciation curve, you will still have to pay for something.
If the issues are being electrical in nature and veiled in a jumble of disparate systems, it’s difficult to resolve the issue on your own.
It’s not as simple as replacing tubing or a specific component in the engine.
As a result, you’ll need to take it to the dealership or an independent technician to get it repaired.
Additionally, given the some of the brand’s reputation( Like Mercedes or BMW), labour rates are likely to be high.
Given the car’s intricacy, you can anticipate that a technician will spend an extended period of time attempting to resolve the issue.
The combination of high rates and longer hours results in a large charge.
After all of that, even if you were able to diagnose the problem on your own, Mercedes components will remain prohibitively expensive…
Pro -Tip for Buying used Mercedes Benz : The Mercedes-Benz S550 is the least reliable used mercedes car The most common problems reported by HVAC blower motor, camshaft adjuster solenoid, automatic gearbox, and fractured driveshaft flex discs are all related to failure. Unexpected repairs will set you back at least $1,200 every year, which is a steep price to pay.
Wrapping it up
In most cases, making errors will not be deadly, but they may be prevented by seeking professional counsel and completing your study.
Purchasing a used automobile is an environmentally friendly method to save money while also providing an opportunity to learn about car ownership at a lesser cost.
If you are a new driver, or moved to a New Country there is a good probability that your cars may sustain some dents and scrapes.
Purchase the safest and most dependable secondhand vehicle that you can afford.
Take out comprehensive insurance and be sure you keep up with the usual scheduled maintenance.
If you take good care of your first used automobile, you may be able to sell it or trade it in for a similar amount when it comes time to purchase your second vehicle.