For starters, one of the most significant advantages of buying a new car is that new cars come with a warranty and not all used vehicles do. Most new vehicles will have very minimal repairs in the first few years, so that gives the consumer a chance to focus only on the basic service maintenance of the car.
On buying a new car, you also have to pay the registration fees, road taxes, RTO fees, etc. But for buying a second-hand car, you do not have to worry about such expenses as they are already paid by the first owner. The depreciation rate for a new car is about 20% per year.
The "50 Percent" Rule. On a purely pragmatic basis, it's almost always cheaper to keep an existing car running than to purchase a new one. ... Given proper maintenance and needed repairs, today's cars can exceed 200,000 miles.
Yes, we prefer cars with fewer owners, as they're likely to be better maintained and preserved. But if a multiple-owner car has been taken care of properly, we see no reason why you shouldn't consider it. ... And in our view, the car's mechanical condition should be far more important than its ownership history.
The biggest disadvantage of buying a new car is that you lose money on it as soon as you drive it off the lot. A new car takes its biggest depreciation in the first two or three years. 1 This means that you are basically throwing away several thousand dollars that you will never be able to get back.
Cars are depreciating assets, meaning they lose value over time. New cars are the worst. That's because the biggest depreciation comes in the first year, with a big chunk of that coming when you drive it away and it goes from new to used. This is unofficially referred to as the new car hit.
8 Things You Can Do to Revive an Older Car
Going for used purchase means you have to pay a lot less than the original value of the car (depending on year of manufacture and kilometres done) which means you can save some serious money. Consider the example of a new Maruti Suzuki Swift Lxi available in New Delhi, costing close to Rs 5, 28,057 on road.
So for used car shoppers, purchasing a car that's two to three years old and driving it for three years results in some of the lowest costs for recent model cars.
The longer lifespan has been made possible by more reliable mechanical parts. As the parts have lasted longer and worked more efficiently, cars have needed less maintenance over the years. According to the automotive research firm and car search engine iSeeCars.com, a new car is kept on average for 8.4 years.
Typically, putting 12,000 to 15,000 miles on your car per year is viewed as “average.” A car that is driven more than that is considered high-mileage. With proper maintenance, cars can have a life expectancy of about 200,000 miles.
Twenty year old cars will likely be in pretty good condition, so long as the car spent its life in a salt free state and was maintained and garaged. You can always tell a garaged car, the paintwork will be original and still fresh looking.
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