Should I Finance On Things Other Than House Or Car Some Things to Consider When Buying Second Hand Cars

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Some Things to Consider When Buying Second Hand Cars

People who want to buy a car are torn between buying a new car or buying a second hand car. There are some exceptions to this such as buying an old car that you want to restore but for the most part, there is a dilemma. Here are some things to consider when you’re in that dilemma:

– Budget. Of course second hand cars are less expensive than brand new ones but there are other expenses that you may not see like the maintenance cost of a second hand car. Some second hand cars may have some dents and perhaps getting an estimate from a dent repair shop can give you a better idea. Depending on where you are and the number of vehicles in your location, quotes vary. Estimates from a dent repair shop in one city differ from one in another because one may be less expensive than another based on the number of cars serviced. In many ways, the more cars there are, the cheaper the estimate may be and that may be due to competition from other dent repair shops. Another budget-related consideration is the hassle of having fewer maintenance problems with a brand new car because there are service warranties that go with buying a new car. Some car companies offer longer service warranty terms and in the long run, getting a brand new car can save you a lot.

– Financing and insurance. Some brand new cars have house financing or there are banks that give good rates for home financing for brand new cars. They have better rates due to the life span of the car compared to financing for second hand cars. A finance company can depreciate a brand new car over five years. Second hand cars can depreciate completely depending on the year model and make. Insurance premiums can also play a factor in the decision-making process. Second hand cars may not get comprehensive insurance rates because some insurance companies factor in the year and model. For brand new cars, it is somewhat better to get comprehensive insurance for it since it is new.

– Bartering for value. Always haggle and barter from the ticket price of a car, be it brand new or second hand. For brand new cars, there may be freebies given to you to close the sale. Better yet, haggle for a better price with all the car’s trimmings. You will get a counter offer but it is a song and dance routine when you buy a car.

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