Once you have made the decision to buy a car, it is important to make sure you decide whether you wish to buy a new car or a used one. Though one may have the aspirations to go a brand-new car, it is advisable to consider the usability and the financial aspect, before zeroing down on your decision. Even though some might dismiss the idea in the first place, it is noteworthy to consider buying a used car, over a new car, by weighing the pros and cons of the same.

Pros of Buying a Used Car
It is a known fact that new cars are expensive and also depreciate quickly. A new car depreciates at least 50% of its original price in quick time. Thus, if you purchase a new car, the moment you drive off, the car has started to depreciate. In the case of a used car, you save a lot of money, without having to worry about the depreciation. You have already saved yourself from the depreciation that comes with buying a new car. Thus, the original owner of the car has already absorbed most of the depreciation cost in the few years he/she has used the car.

The insurance cost is another factor that one can benefit from while purchasing a used car. As the car gets older, its value reduces. Hence, you will need to pay less for the insurance of the used car. Also, you are saved from all the trouble and the lengthy process, while dealing with insurance of a used car.

If you are buying the used car from a reputed dealer, you can be rest assured of the quality of the car. The incoming car is checked bumper to bumper, and unless it passes all the tests, the car is not let out for purchase. Hence, it is advisable to only look for certified used cars, as you will be aware of all the repairs or maintenance that the car has been subject to, through the certification documents.

Cons of Buying a Used Car
One of the biggest cons of buying a used car is you are unaware of the usage of the car during the initial years when it was bought. As a known fact, during the initial days of buying the new car, one needs to follow certain guidelines set by the manufacturers.

Also, in the case of buying a used car, you are completely relying on the reputation of the dealer. You might never come to know how the car was used initially, by the previous owner. Thus, you are putting your complete trust on the dealer and the certification process that they follow. You could be inheriting someone else’s headache by buying the used car.

Older cars tend to break down more frequently than the newer ones. As you are dealing with a used car, certain repairs aren’t covered under the warranty. Hence, you need to make sure you choose wisely.

Also, as you are dealing with a used car, you will have to compromise on the choices of the colour and features that come with the car. If the car fits your budget, you might need to do away with your colour choices.

In case one is looking to purchase the used car on loan, then you might have to be ready to pay extra money, as the interest rates on used cars are higher than that of a new car. You will also have to choose the lending company wisely, as the most companies don’t lend more than 60-80% of the value of the used car.