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Buying a new car is an exciting feat for anyone. It means that you are more than ready to commit to a whole new life journey with a new car. However, it is important to consider what you are getting yourself into when buying a new car. Here are some pros and cons.
1. You’re the first owner
Getting a brand new car means the car has never been with anyone aside from your excited hands and eager hands. It has never had bad news, even good ones. It means that you get to start making one.
2. Everything is perfect
What could go wrong with buying a new car? Everything is relatively new, including the parts. You also get to have insurance coverage in case anything bad happens.
New cars come with new technology. It is way easier to update the car’s operating system should you need to, compared to older make and model of the car.
1. More expensive
New cars are more expensive compared to the alternative. The average person owns up to 13 vehicles during a lifetime, averaging about $30,000 each, according to the National Automobile Dealers Association. While a three-year-old used car sells for an average of around $16,000.
2. A Higher debt
Given that a new car is more expensive, when it is bought through financial institutions, then most likely your debt is higher as compared to the alternative.
3. It depreciates
New cars depreciate in value. The biggest depreciation occurs in the first two or three years, wasting away several thousands of dollars.
With the above pros and cons of buying a new car, it sure would help you make a decision whether you go for it, or you simply would like to have a pass. So take a good and hard look at your options. Only you know what works for you.