What are the things you should consider when buying a brand new or pre-owned car?
- Budget and financing
- Models to choose from
- Repairs and maintenance
- Insurance costs
When it comes to buying a car, there are tons of options you can choose from. Aside from the make, model, and features, you also need to consider if a brand new or pre-owned car is the right option for you.
Fortunately, both are good choices especially if you’re purchasing your car through financing. You just need to consider the model you prefer, maintenance, insurance costs, and resale value too! Keep on reading to learn more.
What is Resale Value?
Resale value is the expected amount you can sell your property in the future. This can apply to any possession that has value such as a piece of equipment, a house or a car. In most cases, the value you get through resale will differ from the original price you bought the property for. Some factors, such as age, condition, upgrades, and brand of the product are important to consider.
Budget And Financing
Your budget affects the brands and models of cars you can choose from. Generally, pre-owned cars are cheaper than brand new ones. If you have a certain make and model in mind, you might be able to get a lower price if you go for used cars.
But the good news is, you can purchase both pre-owned and brand new cars through financing. Compared to cash payments, financing is a wiser decision for big purchases. In this way, you won’t have to deplete your savings.
Asialink has loan consultants that will help determine the best loan term suitable for your budget. You can also take advantage of our low interest rates to get the most out of your money.
Models To Choose From
The advantage of buying new cars is you’ll be able to get the latest features. When it comes to fuel efficiency, safety functions, or better cameras — brand new vehicles have it. You have the option of going for entry-level or top-of-the-line variants too.
Meanwhile, if you’re buying a pre-owned car, you might not get all the features you like, however, practical car models are easily available in your local distributors. With lower mileage and still in great condition, it’s a viable option to start with and soon customize following your prefered design and build.
For easy online viewing and quick application for a car loan, visit Asialink Cars and choose from SUVs, pick-ups, sedans, or compact pre-owned cars.
Repairs And Maintenance
New cars are covered by the manufacturer’s warranty. If there are any defects, you can return the vehicle to the dealer and they will help you fix the problem. Other than that, you can also expect only a few repairs during the first years of use. Instead, you only need to focus on keeping your new vehicle in top shape through preventive maintenance.
Compared to this, pre-owned cars might require more repairs and tweaks. Consider this to your budget when making a pre-owned car purchase. But if you’re experienced in fixing cars or have a reliable mechanic, this will not be a problem for you. Just remember to check the history and mileage of the vehicle so you know what to expect.
Insurance is another important consideration when purchasing a car. It is required by law upon registration of your car in the Land Transportation Office (LTO). More importantly, it protects you from liabilities with any third party involved and covers the damage costs due to natural disasters.
Depending on the casa, comprehensive insurance is automatically packaged with your brand new car with one year coverage.
Pre-owned car purchases may present an option of continuing the existing insurance policy or applying for a policy for a little less cost if the unit’s mileage is low. The original owner can help you get approval from the insurance company first so you can continue to pay the premiums. This way, you can make a claim if you get involved in an accident. Getting a new car insurance for vehicles older than 10 years may charge a higher premium.
Depending on your preference and need, buying either a brand new or pre-owned car has its own advantages. Take your time thinking about these so you can get the best value for your money while enjoying your newly bought vehicle.
Now that you know the things you should consider when purchasing a brand new or pre-owned car, it’s time to explore your financing options! Asialink can provide low-interest rates, flexible loan terms, and fast approval. Application is easy—just visit an Asialink branch or send your application online for faster processing. Landing the car of your dreams has never been this simple.