The choices faces when buying a “new” (to you) car are astounding- a huge variety of makes, models, options and colours. But before you even begin to narrow down what you’re looking for, it’s important to decide whether you want to buy a brand new car, an “almost new” car (>5 years old), or a “used” car (5+ years old). Each group has its benefits and drawbacks, and what works best for you will obviously depend on factors such as how long you plan to keep the car, what features you’re looking for, your mechanical handiness, and of course, your budget.
In this three-part series, I’ll be looking at the pros and cons of each of these categories of vehicles.
Part III: The Used Car
The final category comprises what I call the “real” used cars- they don’t pretend to be new and nobody is going to be fooled in to thinking that they are. More than 5 years old, these cars will generally be at least a generation old, generally have no manufacturer’s warranty, may start to show their age. But there can be some real bargains to be found in this category and this will be the prime hunting ground for the truly frugal among us.
Pros
- Big Savings - This is by far the biggest benefit to older used cars. You can save a bundle over new and nearly-new cars. The older a car gets, the less it depreciates, and many older cars will actually hold their value fairly well. You can also expect lower insurance rates.
- Access to Parts - While maintenance will generally be a concern for older vehicles, you will generally enjoy easy access to parts, both new and used, and once you get back 10-15 years or so you will find that many vehicles will be relatively easy to work on.
Cons
- Increased Maintenance - It is inevitable that an older car will require some TLC, both in the form of regular maintenance and sporadic repairs. Obviously, the frequency and nature of repairs will depend on the age of the car, the model, and mileage, but eventually things will need to be replaced. If you’re even remotely handy with a wrench, you can tackle most maintenance yourself, but you still need to cough up the cost of parts and the occasional professional help for those repairs outside your level of comfort.
- Fewer Safety Features - The older the car, the less likely it is to have modern safety features such as airbags, ABS, traction control, etc. You may also find that the crashworthiness may be less impressive on older vehicles. These are all major concerns to consider, especially if you’re looking for a vehicle to cart around your kids. With that having been said, I don’t mean to suggest that any vehicle more than 5 years old is a death trap- this just isn’t the case. However, the safety standards of the 1980’s were much different than those of today.
- Less Comfort - As a vehicle ages, it will invariably develop its share of creaks and noises, and an aging suspension will usually result in a rougher ride. You may also find that older vehicles may not have the features that have become virtually standard on all newer cars, such as air conditioning, power locks and windows, and newer audio components.
- Less “Prestige” - A final factor to consider is the pure vanity factor- the least justifiable and frugal-minded concern, but a factor that most people will consider. Not all cars age gracefully, and rust, paint damage and general wear and tear will take its toll. Will you be happy driving an old minivan when you drop the kids off at school? Are you willing to shell out more cash to look pretty at the stoplight?
Ultimately, you need to examine your wants and decide which option suits you best. I have personally had vehicles from each category at various points in the past, and I currently own one vehicle that is just over a year old, and one vehicle that is just under 11 years old.
So, what do you think? Which category offers the best bang for your buck?
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I think the biggest conern for the consumer is to know what it is that they want out of their vehicle. Are you looking for a ubiquitous grocery getter, or are you a driver that wants to “have the favour returned when you turn on your car,”…Cadillac misinterpretation? I believe that the majority of people are not truly “drivers” and are complacent with a generic domestic, perhaps a Focus or a Cobalt with readily available parts. While my car list is anything but exotic, it is: 1970 Dodge Dart, 1985 Pontiac Sunbird (boo), 1984 Toyota Celica GTS, 1990 Honda Civic SI, 1993 Honda Civic SI, and a 1997 Acura Integra GS. I am an admitted Honda lover, but when I got tired of two-doors I went searching for a four-door Honda powerplant. My first choice was a 2003 Acura 3.2 TL type-s, but at one car lot I was talked into driving a 2004 Infiniti G35X. Test drove it and fell in love. The “X” means all-wheel drive, which has proven to be perfect for Saskatchewan winters. Anyway, to the point of all of this, my advice is to drive cars outside of your preference, as you may be surprised as to what you find. Before I bought, I researched the Infiniti engine and found that it had won multi[le awards, to which I can attest!