When you set out to purchase your next car,
it is a commonplace practice to pay extra attention to the condition of the
car. An older model of a car requires more scrutiny as opposed to the newest
car on the lot. The age of the car is an important element that numerous car
buyers neglect while zeroing in on their available choices. Buying older cars
raises a few challenges in the time span that it stays with the buyer.
Challenges
a Car Buyer faces because of an Older Car
1)
High Maintenance Cost
An old car comes with hefty maintenance
charges. Regular repairs are required to ensure optimum functionality of the
car. As compared to a new car that requires less maintenance, an older model is
vulnerable to frequent mechanical breakage. While the purchase price of an old
car is low, the regular maintenance costs increase the lifetime price of
keeping such a car.
2)
Expired Warranty
There is a good chance that a car model
that is 9 years or older has run out of its warranty period. Any breakdown of
the machinery of the car within the first few years will only add to your
maintenance cost. In some cases, if the car is only a few years old, you can
still benefit from a transferable warranty. However, a certified pre-owned car
from a dealership is your safest bet in order to avoid an expired warranty.
3)
Unavailability of Spare Parts
The older the car, the lesser the chances
of availing spare parts. A new car not only comes with a warranty but also
guarantees the availability of spare parts in the market. The older spare parts
become obsolete as the new technology and updated features replace the older
version of technology. Therefore, obtaining spare parts for older car models
becomes a challenge.
4)
Continuous Depreciation
Buying an old car means purchasing a car that
has been depreciating ever since it was made. Purchasing an old car reduces
your resale value. Previous wear and tear, new technology and major repairs are
factors that reduce the resale value of an old car.
5)
Limited Financing Options
An old car invites fewer financing options
than a new car. Additionally, you may have to pay higher interest rates on the
auto loan. A pre-approved auto loan works in the scenario of purchasing an
older model of the car. It helps you to purchase a car well within your budget
as you have prior knowledge of the amount of the loan.
The Bottom Line
A very old car may be easy
on the pocket but it becomes expensive in the long run. The solution to escape
from the hassles of purchasing an old car is to buy a brand new car. An updated
car with the latest features and machinery proves to be worthwhile. Therefore,
purchasing a new car is the ideal decision.
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