Advantages of New Car
Perhaps the most attractive advantage of buying a new car is its warranty. Usually, the warranty comes with free car servicing. A new car is equip with new paintwork, new tyres, new engine and the likes. Considering that the car is brand new, you can rest assure that the car is accident-free. The owner is at liberty to customise the accessories for the car, such as its bodykit and spoiler. Psychologically, the owner of a new car will probably experience a euphoria high from purchasing a brand new item. Lastly, new car interest rate is relatively lower, translating to lower interest paid for a new car loan compared to a used car loan.

Advantages of Used Car
Purchasing a used car means that you are paying much less as compared to a new car of similar model. Furthermore, a used car depreciates less as the first owner has already absorbed most of the loss. More often than not, additional car accessories do not raise the price of the car. You probably be able to get a fully-equipped used car with super stereos and racing add-ons at a greatly discounted price. For some models that are no longer in production, they can still be found in the used car market. If the previous owner takes good care of the car, you may be buying a used car at almost new condition, but at a much lower price.

When buying a used car, LTA will impose a transfer fee of $10 + 2% of the value of the vehicle. Buyer to borne the transfer fee.


A new car depreciates much more as compared to a used car

Differences between Used and New Car
Although the interior and exterior of a new car may look clean and free of scratches or dents, it does not necesarily spell perfection. A new car may come with problems associated with poor design or manufacturing defects. A new car may also have suffered from damages during shipping. Therefore, a new car may have to undergo some repair when it reaches the new car dealership.

Buying a used car is like a gamble - there is no guarantee that the car is accident-free, and was properly maintained. Therefore, all buyers need to conduct proper checks on their cars during collection.

A new car depreciates much more as compared to a used car. As soon as you leave the dealership, your vehicle is instantly worth a few thousand dollars less than the price you paid for it. The number of owners for the vehicle plays a huge role in determining the selling price. The higher the transfer count, the lower the resale value of the vehicle. This is applicable only to local sales of the vehicle.

Apart from the high depreciation, most new cars need a long waiting period of about four to six months. Waiting time for used cars are however very short. Buyers can get their cars almost immediately as the cars are already available to them.

Used cars normally comes with minor scratches and dents due to human carelessness. Wear and tear often cause the condition of a used car to be worse off than a brand new car. Thus, one should decide if the used car is worth the difference in price.