Margaret Kronfeld serves as the Company Director for BK Enterprises, a company located on the North Shore of Auckland, New Zealand. Through BK Enterprises, Margaret Kronfeld is involved with the automotive industry by providing financing on new and used Isuzu, Renault and Hyundai vehicles. If you’re trying to decide between a new and used car before seeking similar financing, the points below might help you make your choice:
- Down Payment – If you have a good credit score, it’ll be easier for you to buy a new car with little to no down payment required. Many car dealers offer new car incentives that used car dealers cannot afford to offer. In contrast, used cars, no matter your credit score, almost always require a down payment.
- Depreciation – When you purchase a new car, you will inevitably take a depreciation hit. A new car will lose twenty-percent, or more, of its value within six months of driving off of the lot. If you plan to trade in or sell your new car within the first year, it’s likely better to buy a lightly-used car instead. On the other hand, if you plan to keep your car, the depreciation won’t pose as much of an issue.
- Maintenance – New cars typically come with free maintenance or repairs for a handful of months or miles after buying it. Used cars, on the other hand, often come with problems and o coverage to pay for them.