Planning to buy a car? Here is the difference between a new car and second-hand car you should know

Buying a car is one of the most significant investments one would make. One can either opt for a new car or a used one based on their budget or preferences. It is true that the used car market has indeed come a long way. But many still would prefer to buy a brand new car.

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Here is a detailed difference between buying a new car and a second-hand car to help one make an informed decision.

Car insurance for your new car

When individuals purchase a car, they should opt for a suitable car insurance policy. In several unforeseen circumstances like accidents, theft, damage, etc. one receives financial protection or reimbursement from an insurance company.

In addition, there might be a certain scenario where an individual may unintentionally end up damaging property or hurting others. Such third-party insurance can help in covering such third-party liabilities.

In India, third party car insurance is mandatory as per the motor laws of the country. In addition to third-party insurance, one can also opt for comprehensive insurance or own damage car insurance. While third-party insurance will only offer coverage against third-party liabilities, a comprehensive plan will provide financial coverage for both third-party and own losses.

One should buy insurance policies based on the budget and requirements.

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 Car insurance for second-hand car

When one plans to buy a second-hand car, several things need to be checked. Car insurance and car insurance history are some of the major factors that one should look for. This will help one in getting an idea of the record of insurance claims that the used car comes with.

One can also call the insurance company to verify the vehicle’s claim history if there are any at all. Buyers should also transfer the used car insurance policy from the previous owner to their names. This has to be done within 2 weeks of buying the used car, or else the insurance might be considered invalid. One should also be aware of the documents that are necessary to transfer the insurance.

Differences between new car vs second hand car

Prospective car owners wondering whether to purchase a new car or pre-owned vehicle should consider certain aspects like these:

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  • Advanced technology

Those looking for vehicles with the latest features and specifications can opt for brand new cars. All new vehicles come with technologically advanced safety features, top-of-the-line design features and many other attractive aspects. Whereas second-hand cars come with comparatively fewer features as they are older models.

  • Mileage

Ideally, new cars would provide high mileage as compared to second-hand ones. With more refined and efficient engines, the latest cars are more fuel-efficient and can. On the contrary, used cars would have older versions of engines which would be less fuel-efficient.

  • Better warranty coverage

The brand-new cars come with standard warranty coverage that will cover various major components. Some of the car brands might even offer additional coverage free of charge. On the other hand, second-hand cars might not have any warranty coverage. This might significantly increase maintenance costs.

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Regardless of whether one is buying a new or a used car, it is always important to have an insurance policy. This will provide the necessary financial protection in the event of any mishap and ensure peace of mind.

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