Primary Differences Between Brand New and Used Cars

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Primary Differences Between Brand New and Used
Cars

• https//www.mycar.ca/

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Choosing between a used vehicle or a brand new
one is a big decision that needs to be thought
about. To help you come up with a well-informed
decision, we have here a quick comparison between
buying a brand new car and purchasing a preloved
or used car.
A vehicle is one of the most expensive
investments people buy for themselves or their
families. While many opt to buy brand new cars,
others prefer pre-loved or used cars. But what
should you choose between these two options?
Which is better?
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• Whats this presentation about? Use this slide to
  introduce yourself and give a high level overview
  of the topic youre about to explain.

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• Choosing between a used vehicle or a brand new
  one is a big decision that needs to be fully
  thought through. Before you finally decide, you
  have to consider knowing the pros and cons of
  each option and match them with your needs and
  preferences. To help you come up with a
  well-informed decision, we have here a quick
  comparison between buying a brand new car and
  purchasing a preloved or used car.

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Budget
Lets look at the most obvious reason why people
are torn between buying a brand new and used car-
financial capacity or budget. Used cars are less
expensive than brand new cars. If you want to own
a specific model, year, and make of car but cant
afford to buy the brand new version, the next
option is to visit any of the North Bay car
dealerships and see if that car is available for
sale. Used cars typically cost around 10 to 70
cheaper than the original price of the brand new
version. This means that you can save as much as
70 when you buy a preloved car with the same
model, make, and year. The price of used cars,
however, depends on different factors like
condition, age, and mileage.
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Repair and Maintenance

• Another deciding factor is the frequency of the
  cars need for repair and maintenance. One of the
  primary advantages of brand new wheels is that
  they are almost likely defect-free. And just in
  case you notice some problems in your brand new
  car and it is still under warranty, the
  manufacturer or car dealer will shoulder the cost
  of repair.

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On the other hand, used cars typically need more
maintenance and repair. This, however, depends
greatly on the condition of the vehicle and how
well you take good care of it.
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Car Insurance Costs
In general, the car insurance premium for used
vehicles is lower than the brand new cars. When
computing, car insurance companies take the age
and fair market value of the vehicle into
consideration. You need to take note, though,
that some car insurance companies do not accept
vehicles that are over 10 years old.
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Resale Value
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The cars value depreciates over time. If you
dont plan on selling your vehicle in the future,
purchasing a brand new car is better than getting
a used car. However, if you plan to use the car
for just a few years and then sell it later on,
opt for a pre-loved car.

The resale value of a brand new car is typically
lower than the used vehicle as the latter
depreciates less than the previous. A brand new
car depreciates by 20 to 30 as soon as you take
it home. After 3 years, its value will drop
further by as much as 50.

Used car owners, on the other hand, can benefit
from a lower cost-to-resale ratio. You can sell
it at the exact same amount you purchase it as
long as it is well-maintained and in good
condition. You can even sell it at a higher price
especially if you added some customizations or
new features.

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Fuel Cost
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When buying a car, you dont just consider the
initial amount you need to invest. You also have
to think about the other costs or expenses like
maintenance, repair, and fuel cost. When it comes
to fuel costs, you will be able to save money on
gas by choosing the newer models. In most cases,
the latest models are designed with better
mileage than the old models. This is not a rule
of thumb, though. You still need to personally
check if your chosen make or model is
fuel-efficient or not.

On the contrary, not all old models are huge fuel
consumers. You can still find some old models
that are fuel-efficient nowadays.

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Availability
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Lets say you already have a specific model,
make, or year on mind and want to purchase it
asap. When it comes to availability and how
quickly you can get your car, it is better to
turn to brand new vehicles. Brand new wheels are
readily available in different car dealerships.
Whilst, you need to exert extra effort and find
to find a preloved vehicle.
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Financing Option
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How are you going to pay for the purchase- in
cash or via a car loan?
If you hate being chased by monthly car
installments or loan plus hefty interests but
cant put out the needed amount for a brand-new
car, the best alternative is to purchase a used
car. Not only will you free yourself from stress,
but you can also save money this way. Again, used
cars are way cheaper than brand-new vehicles. You
will not need to pay interest, just make sure
that the car you have chosen is in excellent
condition and does not require much maintenance
or frequent major repairs.
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On the other hand, if you opt to purchase via an
auto loan, it is better to choose a brand-new
model. Purchasing through a car loan can help you
manage your finances easily. It allows you to get
rid of the hefty one-time payment and instead pay
for the loan in small amounts through monthly
amortizations. Depending on the loan firm, you
can actually get longer repayment terms at lower
interest rates is you choose to purchase a brand
new car.
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SELL US YOUR CAR!
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