If you want to buy a car now, what you should go for? a new car or a used car? The debate is never-ending and you must have a clear knowledge about the basics to make a decision that will be worthwhile. If you are thinking of buying a new car, you should keep in mind the range of depreciation it undergoes in its first year. This is not the case with the used cars. Although many will tell how much costly the repairs and maintenance get for used cars, you definitely should not believe them. If you get a good deal on used cars, you will be saving a lot on their depreciating value and reduce the repair costs. Still, if you are stuck in the picture of buying an ideal car, follow our blog to know better.
Reviewing the basics
The biggest thing to consider while buying a car is its depreciative angle. When you take a new car out of your dealer’s lot, it immediately loses out 10% of its value. It is already lesser than the value you have financed it for. Over the next 10 years, it will lose another 10% of its value owing to minor or major injuries. The car will then lose out a value of 15-25% over the next few years. It kind of seems to be depressing.
On the other hand, if you buy used cars, you will be saving a lot on the depreciation. However, if the car is faulty, it is going to cost you a lot on the repairs and maintenance. You need to be pretty sure of the car’s condition while you are buying it. Take a trusted mechanic along with you while you are confirming the deal. You can explore a wider range of options and then filter it down to the one you want.
The used car market
The used car market is way bigger than the new car market. At present, above 40 million used vehicles are trading hands now. The strong demand is likely to pull off the prices but owing to the great influx of vehicles, the curve is pretty smooth. Besides these, there are certain other macro factors like the economy, fuel prices, pandemic, and job market scenarios that are driving people towards buying used cars.
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