The Pros and Cons of Buying a Used Car

There are many reasons to buy a used car, but for most people it comes down to money. A new car costs a lot, no doubt about it, while a used car can be purchased for half, or many times much less than half the price of a new car.

If you are careful to look at quality and price, model and date, you can often get a real bargain when purchasing a used car. It is much easier to both get financing for the lesser amount and to pay it back each month. And if you can’t get financing, it’s a lot easier to save up for a used car. So what are some of the pros of buying a used car? Pros…

  • * Easier to pay for.
  • * Easier to get financing for.
  • * You won’t mind so much if little Johnny pokes a hole in the back of the seat with his new pencil.
  • * Won’t matter so much if it is stolen.
  • * If you just want a paddock basher and love tinkering with old cars.
  • * You could do it up and sell it at a profit.
  • * If it’s in good condition and you keep it for long enough, it could be worth a fortune one day.
  • * You could restore it to new with the help of your son, teach him about mechanics and use it as a bonding time, then give it to him when he goes to uni.

And what about the cons?

  • * It will wear out more quickly.
  • * Something major could go wrong with it and then you’ll have added expense.
  • * If you are not careful, you could be sold something that’s not worth having.
  • * It may not be safe to drive.
  • * You will probably have less or no warrantee on it. Some used cars are sold ‘as is’.

* You will get even less as a trade-in when you go to sell it.

* You may not be able to sell it.

* If it’s ancient, not even the wreckers will want it.

* You might find it hard to get passed for rego without some major work.

* Can you insure it for a decent amount?

* Will it be likely to break down on a long journey or at the most inconvenient moment?

* It might leak.

There are many things against buying a used car, but most people do it regardless, especially for their first car. If you look carefully, you may well get a car that will last you for years without too many hassles.

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