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Quite the dilemma, isn’t it? Obviously, there is no universal right answer, and you probably knew that already. It’s a complicated question, the answer of which, differs from one person to another based on different factors and variables. 

As such, we’ve decided to take a closer look at these factors and variables and in doing so, hopefully help steer you in the right direction to make the proper decision.  

Budget

The most obvious and most important factor would be how much you’re willing to pay for the car. Generally speaking, used cars are cheaper than new cars. However, recently that hasn’t been necessarily the case due to the global shortage of new cars. 

The global car industry is suffering a severe shortage of certain microchips necessary for the car manufacturing process, which in turn is limiting their ability to manufacture new cars at the regular pace. This has in turn resulted in a rise in the general price range of used cars which in some cases may even surpass that of new cars.

So if you’re going for a used car, make sure to carefully check that price tag and ensure it is reasonably priced.

Technology

So, there are two aspects to technology here. First would be the technology you have access to from the driver’s seat. Things like fancy digital dashboards that display all kinds of data and the car offering advanced features that compliment your smartphone such displaying the GPS map on the screen and things of that sort.

Then you’ve got another aspect to technology such is efficient fuel consumption and better carbon emission rates.

Depreciation

What is the purpose of buying the car? Is it an investment which you’d eventually like to sell for profit or at the very worst-case scenario at a small loss? Or are you buying it to fulfill your need for a means of transportation and/or driving pleasure.

A new car will lose a very significant portion of its price the second you start it while that’s not the case with a used car as it would have already taken that depreciation hit with its first owner.

So if it’s an investment you’re after, then you’re probably better off with a used car.

Inflation

However, there is another way to look at the earlier point though. Due to the current state of market inflation globally, cars (both new and used) are selling at a much higher price than they normally would. 

A few years down the line though, those prices will at some point inevitably drop down to normal ranges and that can spell trouble for people who need to sell. They would be doing so at a much lower price than the one they paid when buying during inflation periods.

This however is an issue that is only restricted to times of market inflation.

Risk Factor

New cars normally come with warranty that covers most issues you could potentially run into and so there’s peace of mind in that fact.

Used cars however will not have that luxury. You will probably have the car go through a mechanical check-up (to be paid by the potential buyer) and that should pinpoint any serious issues with the car but there is always the chance that something will be missed.

Buying a used car will always involve some sort of risk due to wear and tear and the car generally aging.

The Final Verdict

As mentioned earlier, there is no right and wrong here. It’s all very subjective and relative to each individual situation. 

The key is identifying your priorities and making your decision accordingly.

Last but not least, since we’re on the subject, you might want to take a look at our available selection of cars here at OLX by clicking the following link Cars – Vehicles for sale in Egypt | OLX Egypt

Who knows? Your next owner might be waiting for you there.

References

Buying a New Car vs. Buying a Used Car: Which Should You Choose? (thebalancemoney.com)

(10) Should You Buy A New Or Used Car? New VS Used Car Explained – YouTube

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