Expensive
The biggest drawback to buying a new car is the high price tag. While a new car is like a blank canvas with all the accessories and upgrades you desire, there’s a price to pay for such a privilege. For some, the investment in a new car isn’t worth the amount of depreciation that occurs within the first five years of ownership.
Depreciation
This depreciation may affect the car’s resale value, meaning you could end up losing money should you need to resell it any time soon.
Buying a new car is expensive. You may have higher monthly payments, and it may take you longer to pay off your car financing.
Expensive insurance
New cars also usually have higher insurance premiums because of their higher value and replacement part costs.
Waiting list
And if you’re ordering a customised car or next year’s model, you may have to wait anywhere from a few weeks to a few months before you can drive it home.