What's Your Flavour?

What's Your Flavour?: New, Local Pre-Owned or Foreign Pre-Qwned Vehicles.

The global economy has definitely impacted the economic prowess of the  nations of the world. The ability of persons desiring to own a vehicle by no means has felt the pinch of the recovering economies' impact on the Automotive industry.

This writer has observed that this has created a divide, giving persons the choice as to whether they should buy new, local used or pre-owned vehicles from other countries or lease.

In this post, this writer would like to offer you, our cherished visitor some of the pros and cons of either one of the choices available to consumers mentioned above.

The decision to buy new or used essentially rests with the consumer/buyer. There is no right or wrong reason for the choice. This post serves to assist you with making a more informed decision regarding the options available. Here are the pros and cons to buying new or pre-owned vehicles.

PROS	CONS
The buyer will eventually have ownership, and be free of payments.	Monthly payments may be higher than for a leased vehicle.
The buyer is free to sell at any time after the vehicle is paid for in full.	The dealer may require a large down payment.
The buyer is free to customize, or accessorize as he/she pleases.	Rate of depreciation is rapid, diminishing the resale value of the vehicle.
Lower insurance costs, than for vehicles that are leased.	Repair bills are incurred with extensive use of the vehicle.

What about the option to Lease?

Leasing a vehicle is another option available to consumers. It too comes with pros and cons.

PROS	CONS
Small down payments, if any at all.	The lessee (person leasing the vehicle) will always have vehicle payments.
No concerns about depreciation.	Insurance premium higher.
No sales and tax fees upfront.	Penalties for exceeding allotted miles.
Tax deductions can be claimed, if business owners use the vehicles solely for business purposes.	Fees ascribed for wear and tear. Persons with small children and pet owners may be more concerned.

Readers please take note that whether you buy new, used or choose the option to lease you must read the agreements.

The information provided above has been retrieved from dmv.org. For further information please visit http://www.dmv.org

Please tell us what you would choose and why!