Going through BetUS MLB odds can prove to be far more straightforward to do, but when it comes to making up your mind on whether to buy your first car new, second-hand, or from an auction place that sells repossessed vehicles, this can be tricky to deal with. So, just as BetUS predictions can be of assistance to you for your next bet, we’ve decided to offer you some needed guidance on what you should know about either option as a first-time vehicle owner.
Your 3 Options
It’s almost everyone’s dream to own a private vehicle and this can prove to be a major investment for you. As a first-time owner, it may be challenging for you to know exactly where to get your first car when you have 3 viable options that you can go for. So, primarily depending on your financial capacity, you will choose the one that you feel will make more financial sense to you and your pocket.
A Brand New Car
To buy a brand new car, you’d have to go to an authorized dealership. While many banks can offer your car loans for a second-hand vehicle, you can also get an auto loan for a brand new one and this may prove to be more affordable since your car will be in brand new condition and you won’t be given shorter repayment terms and higher interest rates as you’d find with getting a second-hand vehicle.
Another advantage to brand new cars is that you’re likely to spend less time shopping for vehicles because brand new cars are in excellent condition already, whereas second-hand cars may require a bit of legwork. And you would also need to have a good eye for spotting defects that could cost you in the near future.
But with brand-new cars, it’s worth noting that you should expect quick depreciation and higher insurance payments.
A second-hand Car
To buy a second-hand car, you need to find a private individual selling the used car or you can also find one within a network, second-hand car dealership, or online forum.
With second-hand cars, you’ll find better-reselling opportunities. A brand new car depreciates by up to 30% immediately after leaving the dealership. By the time the vehicle is already in its third year, it’ll only be half its worth. So when you buy a second-hand car, you can have it upgraded or customized so it’s worth more as you go about maintaining its quality. Also, with second-hand cars, you have lower insurance rates.
But as you go about purchasing your second-hand car, be careful of the possible defects that will make you responsible for the repairs. Also, keep in mind that second-hand cars may have had their fair share of wear and tear. This means you’ll be responsible for its regular maintenance services at all times.
A Repossessed Vehicle
A car repossessed by the bank is one that was legally taken away from the owner due to failure to pay off the monthly repayments set out in an initial agreement. So, the vehicle gets used as collateral and when the bank reclaims it, it will either sell it at a discounted amount or auction it off to recuperate the installments that were not settled by the original owner.
One of the key advantages to buying a repossessed car is that it’s cheaper than a brand new car sharing the same advantage as a second-hand car. Also, it’s safer to deal with a private seller than an independent one, as in the case of a second-hand car. Independent sales can be risky because you aren’t aware if the car was illegally obtained or if the car specifications advertised, like fair value and mileage, are correct. However, with repossessed cars, they are always legally acquired with complete documents managed by a reputable bank.
But unlike car dealerships where you’re sure that your car is in tip-top shape, the bank is not responsible for any hidden defects that you didn’t spot when you were searching through the list of repossessed vehicles. Also, there are issues surrounding quality concerns because just as you’d find with second-hand cars, the quality of a repossessed car is subject to how the previous owner was maintaining it.
This is Rohan, I’m a Digital marketing Expert, Full time Content Writer and founder of BoxerTechnology.com I can help people across the world through my articles. I am sharing the latest stories from companies like Apple, Samsung, Google, and Amazon.