When you first got the driving license and you must ask yourself one question without any doubt. Should I choose a total brand new car or a used car? What should we concern when purchasing a car? Reap is to analyze the pros and cons of a brand new car or a second-hand car, which helps you become a smart car-owner-to-be!
Comparison #1 Hand-in Time and Procedures
If your ideal new car is still in stock, the vehicle could usually be handed in within two weeks, considering the licensing process and insurance process. If your ideal car is temporarily out of stock, or you would like to order your favourite colour, then you might need to wait approximately three to six months. When a customer purchases a new car from a car dealership, there is a dedicated associate to handle all the licensing procedures, so there is no need to worry about the licensing procedures and other troubles.
One of the troublesome elements of trading used cars is that a customer might need to make an appointment for the car trial or test and vehicle inspection procedures after finding a vehicle you like. Buyers also need to handle the transfer procedures at the Hong Kong Licensing Office of the Transport Department by themselves. Starting from the testing to the actual hand-in, it might need several months to complete.
Comparison #2 Risks
Any vehicle’s price would be listed precisely on the car dealer websites and car exhibitions. A brand new car would be checked thoroughly by the factory, hence the possibility of components issues’ existence would be lower without getting deceived. Plus, most of the new cars come with maintenance. Compared with second-hand cars, the components of a brand new car would lessen the concern of vehicle maintenance. However, if you wish to change your car again within a few years, then you have to be concerned about the risks.
Used cars are available on the second-hand car market and social platforms. If you hope to purchase a second-hand car on social platforms, it would be better if you ask for more information about your soon-to-purchase vehicle for preventing encountering issued vehicles. There would be many details to be noticed. When you search for a second-hand car, it would be necessary to ask the other party about the maintenance, factory year, how many times the car has been traded, and the mileage. Asking the other party for a test drive and requesting a vehicle inspection could be an extra protection layer for purchasers. After making a decision of purchasing a vehicle, you also need to sign a temporary contract with the seller to avoid any disputes in the future.
Comparison #3: Price
When the year comes to the end, many major brands and car dealers will launch different types of discounts and offers for attratcing customers. Sometimes, you could visit the brand new car exhibition coming with car dealers when you are available. You might also have the opportunity to claim the gifts of car dealers’ complementary first-year license fee and free of insurance fee. However, compared with depreciated used cars, the price of new vehicles will remain higher. Also, more expensive new cars have a higher insurance fee due to their higher purchasing fees. There would be something you need to be concerned about.
Although there’s a chance that second-hand vehicles might need to be repaired, considering the fact that some models may also be difficult to maintain and be fixed. But compared to new cars, the price is still relatively attractive. For vehicles with the same model, the price difference between a brand new car and a used car is at least 30%. Second-hand cars sell at a lower price and also come with a lower insurance fee. Assuredly, this is an important element for buyers’ considerations with budget constraints.
When you have decided to buy your first car regardless with a car dealer or at a car exhibition, or purchasing a second-hand vehicle on major trading platforms, choosing the right payment method can save you a lot! You can enjoy an interest-free installment plan if you buy a car with a car dealer or at a vehicle exhibition. The repayment period also varies depending on the bank and credit card that you use. When purchasing a second-hand car on major trading platforms, besides using cash as a lump sum payment, you could also use Reap as a payment method that can save you the most! Reap is a platform where you can use your credit card as a payment method regardless if the counterparty has a credit card or not, and the amount is directly deposited into the counterparty’s bank account. Besides enjoying a 58-day interest-free repayment period, you can also earn credit cards and rebates.
Buying the first car is indeed your very first important investment decision in your life. Whether it is a brand new car or a second-hand car, the amount involved is a lot. Car maintenance expenses and parking lot rent after buying a car also occupies a portion of the daily expenses.
No matter if you want to purchase a vehicle or just for the convenience of daily capital turnover, Reap can provide extra assistance without any shadow of doubt! Besides enjoying a 58-day interest-free repayment period for daily bill payment with Reap, you can also earn credit card bonuses and rebates.