When purchasing an automobile to transport yourself from Point A to Point B, one of the most controversial things to think about is whether you should a new or used car.
Typically, people would recommend you to go with the used car so you won’t get hit with the depreciation once you drive off the lot, a loan (if you pay with all cash), and increasing your lifestyle to suit that brand new car.
On the opposite spectrum, people would recommend a new car so you can have a peace of mind on the possible maintenance costs that come with a new car, a factory warranty, being the only owner of the car, and just in general, having something new.
To give you some preface, I’ve been on the market for an automobile for the last few months, given that my car was stolen a few months ago.
So for today’s article, I’ll be looking into and analyzing whether or not a new car purchase would be bad for a “financially literate” person with “trustworthy credit”.