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Welcome, everyone, to today’s community centre workshop on purchasing a vehicle. Buying a car can certainly seem like a daunting task, but it’s not actually as complicated as it seems. The fact of the matter is, what you need really depends on why you need it. This morning we will explore three options to help you make your decision: buying a used car, buying a new car, and leasing a new car. Business owner Jane Repton prefers to buy a used car because it’s the cheapest option. Not only is the vehicle itself cheap, but insurance for the vehicle will also be low-cost since you’d probably just get the minimum—the insurance required by law. Presumably you wouldn’t get replacement insurance: if the car is damaged beyond repair in an accident, you just get rid of it and buy another one. That being said, buying a used car can be risky because there’s no warranty: you’ll have to pay for any repairs yourself. And even Repton admits that used cars can be unreliable. She admits that she takes the bus to work more often than she’d like. Car salesperson Ron McNab says that if you depend heavily on your vehicle, you should go with a new car. If you lease, there’s a limit of 20,000 kilometers annually, more than that and it’ll cost you. So McNab prefers to buy. Another advantage of buying new is that you know the vehicle’s history from day one, and you’ll be the one managing its long-term condition. McNab always chooses a new car. Yes, they’re more expensive than used cars, but it’s possible to get a car loan with no interest—‘zero-percent financing,’ they call it. Plus, with a new car, you can get up-to-date safety features and the best fuel economy. On the other hand, lawyer Tom Purdy prefers to lease cars. He pays the monthly fee, and when the lease is up, he turns the car in and leases a new one. The reason he prefers to lease is because the company leasing the car looks after everything, including maintenance and repairs. All the driver has to do is get gas and pay the monthly premium. According to Purdy, it’s hassle-free driving. However, Repton and McNab agree that they would never lease, claiming that it takes a lawyer to understand all the legal jargon in the contract.
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