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New or used one?

This is usually the first question which comes to our mind and it also gets affected by our budget. Latest car models are costly, have high EMI installments and a very high depreciation rate. They are loaded with new technology and safety features. You get warranty of all the parts which brings in reliability. As opposed to this, used cars are cost effective and have low depreciation rate which assures better resale value. Reliability of used cars is always in question as we are completely unaware of how well it was used, was it serviced regularly, is there any history of accidents etc. However, if we are buying a used car from a known source and getting the car checked by an experienced mechanic, we can be relaxed up to some extent. Although, there is no match for the pride of owning a brand new car! It is recommended that if you plan to use the car for 5 years or more than that, go for a new one. You would get an extend warranty and a better resale value. If the use is going to be only for couple of years, buy a used one.

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