If you’re planning on getting a new set of wheels, you have two options – a new or a used car. Both choices have advantages and disadvantages and there is no single right choice. A lot of it boils down to how much you can afford and what kind of car you want to get.
Alberta has a booming market for the purchase of new and used cars. That means, you can virtually get your hands on all kinds of car models. So, not to worry, you’ll find the one that you’ve marked in your ‘Dream Car’ list.
Why a New Car?
- Well, it’s new and just off the manufacturing ramp. No one has driven it and all the parts are new. The interiors carry a whiff of that ‘new car smell’ (fresh leather, plastic and paint!). Simply put -a new car has no wears and tears, and that’s the biggest advantage.
- Also, a new car has the latest features. They are equipped with the latest features in technology and safety. A used car may not offer Bluetooth support with its onboard devices.
- A new car is more efficient than a used car of the same model. Since all its parts are new, they run quite efficiently and consume less fuel.
- Warranty is a given when you purchase a new car. However, for a used car, you will most probably have to buy a warranty.
Why a Used Car?
- The biggest selling factor to go for a used car is the price. The price of a used car is always cheaper than a new one.
- You have an advantage of depreciating value. The moment a new car is purchased, its monetary value is depreciating by 20% every year. A used car does not have to face this, so if you were to sell it, you will recover a significant amount of what you spent to purchase the car.
- Certified used cars are a much better option as these cars are fixed up to the best of their capacity, and certified by the manufacturer.
Which one?
If your budget is $10,000, you can purchase the cheapest car in the Canadian market – Nissan Micra. Or, if you go in for a used car with same budget, you can afford a Hyundai Elantra, Ford Focus, Honda Civic, Mazda3 and a range of other options.
What’s your budget and what car do you want? $10,000 will hardly open you up to the best new cars in the market. If you’re fine with that and buying a new car is more important, then go for it. However, if you want a wider range of options with better cars, then definitely a used car is what you want.
Whether you decide on a new or used car, don’t let money problems stop you from getting the car. Insta Auto Loans offers a simple and easy loan application process that is completely online. Once you apply, you’ll get the loan the next day. It accepts applications of individuals even if they have bad credit or are first time borrowers
