New vs

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Jomo Kenyatta University of Agriculture and Technology, Nairobi *

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130

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Economics

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Nov 24, 2024

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Comparing the Cost of New and Used Cars Use this worksheet to record the advantages and disadvantages of buying a used or new car. If the criteria discussed in the video is an advantage, place a (+) sign in the appropriate column. If the criteria is a disadvantage, place a ( – ) in that column. You should have either a (+) or a (-) in every box below. CRITERIA NEW CAR USED CAR Price of the car - + Depreciation - + Interest rate on car loan + - Gasoline mileage + - Car insurance - + Maintenance and repairs + - Warranty + - Resale value - + Reliable/Dependable + - Features such as safety and environmentally friendly + - I believe that buying a used car is the best option for me. Here are the factors that influenced my decision: Used cars are generally less expensive than new cars, which can make them a more affordable option for me. New cars lose a significant amount of their value as soon as they are driven off the lot, while used cars have already experienced most of their

depreciation. Used cars may have lower insurance costs due to their age and condition, which can make them more affordable to own. While buying a new car may offer the latest features and technology, it comes with a higher price tag and rapid depreciation, making it a less attractive option for buyers on a budget. It is important to consider the condition of the vehicle, its maintenance history, and any potential repair costs before making a purchase.

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