It is always exciting to buy a car but how do you decide whether to buy a new, preloved or used car? You will pay less for an older pre-owned car, but it is difficult to say no to a shiny new car.
A new car will usually include a manufacturer’s warranty that covers repairs and replacement due to inherent defects, but these usually come with a time or mileage cap. This will give you peace of mind during the early years of ownership. You can configure the car to your needs, choosing the exterior colour, interior materials, advanced sound system and performance components that meet your needs.
A new car starts losing value as soon as you get behind the wheel for the first time. A new car may lose about 20-30% of its value in the first year and around 50% or more over three years. That loss of value looks even worse if you get financing and pay interest on a depreciating asset. With a used car, there is a lot of information out there about the model’s reliability, pain points and performance over time in professional and consumer reviews. Models that are new to the market might have unknown quirks and issues.
Your car might not be under warranty anymore, which means you will need to pay for major repairs if something goes wrong. A broken gearbox or the hydraulic system failing on your brakes can cost a small fortune to fix.
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