Thinking of buying your fresh grad a car? Here are some things to consider first.
Graduation season is coming and as parents you want to be able to provide that first piece of independence to your fresh grad, the passport to adulthood and responsibility…. their first car. This is easier said than done, there are many things your have to consider before making that purchase; But one of the most important considerations is whether you should buy a brand new or used vehicle? Below is a comparative analysis between both choices.
A new car will definitely cost more than a used car, that’s a given considering its brand new and hasn’t been used by anybody else. A used car will cost less because of depreciation which translates to “a reduction in the value of an asset with the passage of time, due in particular to wear and tear.”
Based on mechanic and motorist testimonials, the fuel consumption between a new car and used car up to 5 years old are generally the same if not only for a slight difference. Take note though, for a used car it would depend on the maintenance history and the condition of the vehicle’s engine at the point of purchase; wear and tear play a factor in Fuel Consumption.
COST TO INSURE
When buying a new car, the dealer will usually give you 1-year free insurance. Generally, it would be more expensive to insure a new car if you choose to continue after the 1 st year, than it would be to insure a used car. Its important to take note of this, as your child has probably just passed their driving lesson and are still getting their bearings on the road.
MAINTENANCE AND REPAIRS
When it comes to the cost of maintenance and repairs, it would be cheaper for a new car because the parts are still new, you’d only be paying for the regular maintenance costs such as change oil and tune ups; for the used cars though it may cost more depending on the age of the vehicle. Always remember that as a car ages more parts start to malfunction or fail, which would drive up your maintenance and repair costs.
YOUR CHILD’S DRIVING EXPERIENCE
As pointed out in the Cost to Insure segment your child has just passed his or her driving lesson. This means that your child will still have to get their road bearings and build their confidence while driving the challenging roads of the Philippines, and with that comes the occasional bumps and scrapes. Would you really want them to be learning the ropes in a new car? Or give them a decent and presentable used car to learn in?
TYPE OF VEHICLE
You have to consider also what kind of vehicle you want to buy your child. There are different kinds of segments available such as: sub-compact cars (Wigo, Mirage, etc.), compact cars (Vios, City, etc.), medium sized sedans (Altis, Civic etc.), premium sedans (Camry, Accord,etc.), crossover vehicles (Ecosport, Juke, etc.), MPV’s (Innova, Adventure, etc.), SUV’s (Montero Sport, Fortuner etc.), Pick-up trucks (Hilux, Strada, etc.) Depending on what you think your child needs or what you’re comfortable letting them drive on a daily basis.
ACCESS TO SPARE PARTS
This shouldn’t be problem for new cars, since your dealership should have spare parts readily available. In the case of used cars depending on the model you buy spare parts could be scarce, an important tip would be to take notice of what models you see being driven around you on a daily basis. The more a car sells, the more outside repair shops would carry the necessary spare parts.
At the end of the day, buying new or used both have their pro’s and con’s, It’s up to you to decide what you’re comfortable spending on. Honestly, your child would be happy and thankful with either.
Lastly, no matter what you decide on buying check out Pertua Oil and Metal Treatment; For new cars it can protect your investment by prolonging engine life, while also giving you bang for your buck through fuel savings. When it comes to used cars, it gives you peace of mind without having to worry about your fresh grad breaking down through, reduced engine noise and vibrations. It can also restore engine performance for older vehicles through improved acceleration and cleaner emissions.
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