The Pros and Cons of Buying a Used Car

Purchasing a car is a huge life decision, especially with its huge cost in Singapore. Getting a new car has its perks of course, but it is really worth the huge amount of money spent? More and more people are looking into buying a used car because most believe that the advantages outweigh the disadvantages. Sure, it might not be a spanking new vehicle, but maybe the used car has built-in improvements or drives smoother since it has been on the road for awhile. Weighing out a list of pros and cons of buying a car can be tough, but we’ve set a list for you if you’re looking into purchasing a used car.

Here are some perks of buying a used car:

• One top of the list is definitely cost. Used cars always cost lower than brand new cars, depending on how many years they have left on the road. Even if they are still relatively new with more than 7 years left, it is more affordable than those that you can find in showrooms.
• Also, depreciation value. The depreciation of a brand new car is huge, especially on luxury models.
• When you buy used, you’ll have a wealth of resources online to find out what types of problems you may experience owning a particular car. Consumer reviews aren’t often available on new cars nor are they as extensive as reviews for used cars.
• Driving a much nicer car than you can afford as compared to buying new.
• Cheaper insurance rates.
• Cheaper overall vehicle cost.
• Used cars (2007 or newer) often times still have warranties.

Here are some cons of buying a used car:

• No matter what, there will be certain cosmetic issues. If there aren’t any, you would most probably have to a pay a little more.
• Sooner of later, it may become more difficult and more expensive to get replacement parts.
• Older vehicles generally cost more to operate than new vehicles.
• Every part of a car has a usable lifespan before it is required to be replaced. You might have to spend a certain amount of time repairing car parts if they break down and undergo maintenance.

No matter how easy or smooth the transaction will be, purchasing a vehicle, both used and new, will take extensive planning. Although the initial ticket price may sway you, always factor in the external variables that could end up costing you more than you bargained. We hope this little list has helped you get started in planning your purchase, good luck!