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Mock Up a Dump or Buy New?

It can be difficult knowing whether it is worth buying a dump of a vehicle and doing it up or whether it is better to buy something new. It may all come down to finances, but it is important to make the right decision as it may look obvious as to which will be the best, but actually you may not be correct.

You need to think objectively about the costs associated with each option and in the long run, which will be the best. You do not want to end up with no means of transport and lots of debt such as payday loans, because you have made the wrong decision. So you need to take time to consider your costs first.

Cost of the vehicle

It is pretty obvious that new vehicle will be a lot more expensive than a ‘dump’ However, there are many second hand vehicles around and they do vary in price. If you know something about cars, then you will be able to take a look at your options and see whether any of the second hand options will actually provide better value for money. If you do not know about cars, try to find someone to help you who does.

Cost of parts

If you do buy a car that needs repairs, then you will have to pay for parts. Some vehicles have cheaper parts than others. A rarer car will usually have more expensive parts and it may be harder to find them. Bear this in mind when choosing the vehicle.

Cost of repairs

If you know how to do repairs yourself, then the cost may not be the issue, but you will need to be sure that you will have the time to do the work. If you need to pay someone then you will need to consider how much work will need to be done and how much that will cost. This may not be an easy calculation to make, but the worse the condition of the car, the more the repairs will cost.

Extra repairs

It is worth bearing in mind that if you have a second hand car, then it is more likely to need repairs again in the future. You may manage to get it done up and running well, but because of its age you are likely to need to pay for more repairs soon. A new car may also have a manufacturer’s guarantee that will cover any repairs that need doing due to the manufacturers errors.

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