When it comes to buying a car, you can either get one brand new or one that is used. While it may be an easy decision to make especially if you have the money to pick a brand new vehicle, those with tighter budgets may choose to purchase a second-hand vehicle instead. With that in mind, we have created a shortlist of pros and cons you might want to consider when buying a second-hand car. It is important to note that just like buying a new vehicle you too will need to do a lot of research when searching for the right used vehicle for yourself. Make sure to look through all the available used car websites so you can seek out the vehicle that comes with the lowest mileage and or with the best price. That said, on to the list.
Second-hand cars are relatively more affordable
For obvious reasons, second-hand or used vehicles are more affordable compared to their brand new counterparts. The price tag of these pre-loved vehicles will vary depending on the make, model, and year but they will be between 10 to 70% less than their original price except for a few classic cars and luxury vehicles. Their prices may also depend on the age of the vehicle, its general condition, and its fair market value. This is why it is important to always compare your options when looking for a used vehicle to see which one will best suit your needs and your budget.
Insurance rates are lower
Due to depreciation, the insurance rates for second-hand cars are lower. Unfortunately, some insurance companies reject applications for cars that are older than 10-years.
You can easily customize your car
Most owners of brand-new vehicles tend to wait for the warranty to elapse before customizing their ride. That’s because modifying it during the 3- to the 5 years since it was bought will void the warranty. If the 2nd hand vehicle you plan to buy is past that period, you’re now free to “pimp” your ride. This opens these kinds of vehicles up to customization without the worry of breaking the manufacturer’s warranty.
When it comes to second-hand or used vehicles you need to be aware of their hidden problems. Expect them to be a little rough around the edges and have some sort of minor hidden damage. These won’t be deal-breaking and can sometimes be easily fixed but make sure you account for these repairs in your budget. This is why it is highly recommended that you bring a trusted mechanic along and check the car’s official documentation.
Not all is doom and gloom as there are several ways to find out about a car’s history. Buyers can ask for the original and complete documents that include service history. You can also use the Land Transportation Office’s (LTO) car verification system info-text service called TextLTO to check if the car has any red flags.
To do this, simple text LTO by typing the following: Vehicle <Plate Number> to 2600. You will receive information regarding the vehicle make, model, year, color, date it was last registered, if it was apprehended by the LTO, or if it’s on the LTO watch list.
Higher maintenance costs
As we’ve mentioned in the previous point, you never know what problems your new used car may have until it decides to show itself. With this in mind, maintaining a used car can get very costly as simple leaks and the replacement of fluids can lead to overhauling the whole engine.
The availability of parts can also play a huge factor. The older the car, the harder it will be to find parts and service centers that will cater to it. This could mean hiring a specialist or importing that much-needed hard-to-find part.
Practically, every brand new car that gets launched presents some sort of innovative technology. This means the older used cars eventually get left in the dust in terms of features whether it’s for safety, entertainment, or performance. Unless you shell out a lot of money, don’t expect to get the latest gadgets and gizmos available in the cars today.
Buying a second-hand vehicle sure has its perks especially if you’re on a tight budget. But the work and money needed to make sure that it’s road-worthy is something you should consider before deciding to get one.