The Pros and Cons of Buying a Used Car!

(Photo Credit: Freepik)

It’s safe to say that we all have a desire to become car owners. But not everyone has the pockets deep enough to fund new car payments. Which is why many have resorted to propping up the used car market.

With all the hassle and worry about the potential for reliability concerns down the line, is it really worth the trouble to buy a used car? Especially seeing that lemons do occasionally make their way into the resale market?

Advantages of Buying a Used Car

You can buy a Well Maintained Car at a Reasonable Price

Shop wisely and you’d periodically find bargains. Some pre-owned cars have been lovingly taken care of by fussy owners, and are in excellent mechanical and aesthetic condition. You may also find low mileage examples that were spare cars used by a wealthy family.

The cars in either category are good alternatives to buying new. Shop wisely and you’d get a proper bargain! 

Higher Loan Approval Rates

As used cars are generally more affordable than new cars, you’d also expect to take out a lower loan amount. Which is why it can be easier to get approval for your financing, as you’ll need to borrow less cash to purchase your vehicle.

This is especially true if you just about meet the income cutoff institutions need for offering loan services. 

(Photo Credit: Freepik)

Disadvantages of Buying a Used Car

High Interest Rates

Used car loans usually have higher interest rates than financing for new vehicles. In the long run, factoring in the interest, you may actually end up paying more for a used car than a brand new one. 

We suggest paying the car off in cash if you are able to do so. 

No Manufacturer Warranty

New cars come with warranties that cover various manufacturing defects. Older cars are typically not covered, and you may also face issues sourcing parts for models that were produced a long time ago.

There’s a possibility of inconvenience should your car be stranded in a workshop awaiting spares. 

Minimise Your Risk and be a Smart Shopper With Motorist

There’s always a chance that you end up purchasing a car that was formerly in a major collision, or one with a dodgy history. Which is why we’d always recommend you only source cars from reputable sources and/or the direct seller.

Or you can leave Motorist to settle all the legwork for you. You can buy used cars through Motorist - all cars come from direct sellers and we guarantee their condition at a reasonable price!

Read More: My Car Has Not Been Fully Paid Off. Could That Potentially Affect Its Selling Price?

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