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Are you considering buying a second-hand car?

Posted on February 21, 2007
Filed Under Personal, Finance |

If you are unable to afford a new car, are you considering getting a second-hand car? Here are a few points to keep in mind if you intend to buy one.

1) with a used car, you save on the price and on the depreciation value as the initial car cost is lower. On the other hand, you have to give a higher estimate on repairs and renenwals.

2) Make sure to check the car for road-worthiness prior to your purchase. Get a trusted mechanic’s opinion and ask him to check it thoroughly for you.

3) Work out the actual cost of owning the second-hand car. Dont buy it if you really cutting things too fine.

4) Even if from your calculations that you can really afford one, ask yourself one more question before you sign on that dotted line; “Is the cost of owning it (though affordable) is worth the convenience of having a car?” If the cost of public transportation is only a fraction of what it takes to own it, do you still want to buy the car?

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