New cars or used ones?

Aug 25 2010 The earlier trend of the very rich going in for new cars and middle class pragmatic individuals preferring used ones is fast dying. Since you can get car loans for both new as well as used ones, it is the decision as to which one to go for that is the main question.
One of the main reasons why people besides the fact that they could afford a new one preferred them was the reliability due to the accompanying warranties. The engineering quality has also gone up substantially and that has resulted in great ride quality in new cars.
Used car enthusiasts on the other hand tout the benefits of lower depreciation on used vehicles as well as lower insurance costs. The easy access to car loans and car credit finance for used cars is also making their purchase an attractive one and people are no longer wary about the reliability factor as they know they can exercise due diligence before buying one.
The recent global slowdown did lead to an increase in the sales of used cars as people did not want to spend a big amount on new cars. However, the debate will continue.

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