Pros: New cars come with manufacturer warranties, offering peace of mind in case of unexpected repairs. They are generally more reliable and less likely to require immediate maintenance. Latest Features: New cars often come equipped with the latest safety and technology features, ensuring you have access to the most up-to-date driving experience. Lower Interest Rates: Lenders usually offer lower interest rates for new car loans, which can result in lower overall financing costs. Resale Value: New cars typically have higher resale values compared to used ones, which could benefit you in the long run.
Cons Depreciation: New cars depreciate quickly during the first few years, which means you may owe more on the loan than the car's actual value. Higher Insurance Costs: New cars often come with higher insurance premiums due to their higher value. Higher Monthly Payments: While interest rates may be lower, the overall cost of a new car can result in higher monthly payments compared to a used car. car loan in chennai car loan in coimbatore car loan in erode car loan in madurai car loan in namakkal car loan in pondicherry car loan in salem car loan in thoothkudi car loan in trichy car loan in tirunelveli car loan in tiruppur car loan in vellore