Benefits and risks of buying a used car
When compared to purchasing a new car, purchasing a used car has numerous advantages but also some risks. Let’s find out below
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Benefits of buying a used car
• Used car prices are much lower
A used car is substantially less expensive than a new car. Because even recently purchased cars are only utilized for a short period of time, the car has depreciated by 7% to 15%.
According to the standard way of assessing the value of a used car, a car loses 15% - 25% of its worth in the first year after purchase. This means that if you buy a used automobile for a year, you can save 15% to 25% off the price of a new car. In the years that follow, used cars frequently depreciate at a rate of 5% to 10% every year.
As a result, if you're wondering if you should buy a used automobile or not, the answer is "yes" if you want to save money. You can save a lot of money by purchasing a used car instead of a new one. Most people choose to acquire old cars since they are less expensive. This is also why automobile purchasers choose to acquire used vehicles rather than new ones in order to save money on the first investment.
• There are more choices in the higher ranks
When purchasing a new car on a limited budget, the customer is limited to a specific range of vehicles. The lower the car purchasing price, the less options there will be. However, if you buy a used automobile, you will have additional options, such as purchasing a high-class vehicle. This is also why many individuals prefer to acquire a used luxury car rather than a new car.
For example, a car costs around ₱573,000, and if you buy a new car, you can only choose from A-class models such as the Hyundai i10 or Toyota Wigo. However, the same amount if you buy a used car. You can select from B-class vehicles such as the Toyota Vios, Mazda 2, Hyundai Accent, Honda City... or C-class vehicles such as the Mazda 3, Kia Cerato, Hyundai Elantra, Honda Civic... or even 5 or 7 seat SUVs. Accepting ancient cars that have been utilized for many years allows for a better rating to be selected.
• More comfortable driving mentality
Most individuals will take careful care of a new car, worrying that it would be scratched or damaged... This is simple to apply pressure on when driving, especially on congested routes.
On the contrary, those who drive ancient cars typically feel more at ease and carefree. It is not a big deal if the car is accidently hit and scratched. As a result, while deciding whether to buy a used automobile or a new one for the first time, many experts often advise buying a used car.
Risks of buying a used car
• Difficult to check & accurately assess vehicle quality
Buyers of new cars do not have to worry about any issues because they are the first to utilize the vehicle once it leaves the factory. If there is a technical problem while driving the automobile, there is also a legitimate warranty.
However, when it comes to ancient cars, the inspection and rating of vehicle condition is only relative, making it difficult to be totally accurate. Even used car inspection services can only look for recent damage to a vehicle.
• Difficult to check & accurately assess vehicle quality
Many places state that it is impossible to determine whether or not an automobile has been hit in the past. Because there is no new technological machinery system that can inspect antique cars for water damage or accidents. Currently, the examination is primarily reliant on the mechanic's experience. As a result, no one can guarantee that it will be completely accurate.
While there is a 1% risk, it is still possible. Especially when the level of old car modification is getting higher and higher, the more sophisticated it is, the more difficult it is to check and evaluate used cars. As a result, people calmly and willingly tend to purchase new automobiles.
• The possibility of being deceived
When purchasing a new car, the buyer will interact directly with a legitimate dealer. Vehicle information and prices are transparent, and sales and after-sales policies are explicit.
Used automobiles are currently typically purchased through channels such as real dealers, private enterprises, business houses, individuals, and so on. In which the majority of used automobile buyers prefer to deal with people or small businesses directly. As authentic used automobiles or huge used car dealerships are frequently more expensive.
However, direct sales between individuals will not provide adequate guarantees. There have been numerous instances of documentation being falsified in order to defraud car buyers. The chance of being scammed when purchasing a used car is low, but it is possible if the buyer is inexperienced.
