In a society where money is the main objective for most Americans, the idea of restoring older vehicles is more appealing than buying a new vehicle. There are more pros than cons when it comes to restoring. Some examples are less depreciation, positive environmental changes, economic benefits, major money savings, and customization benefits. When it comes down to the decision for a consumer to either purchase a new vehicle or restore an older one, the benefits of restoring make it the better choice to make.
The first major disadvantage that occurs when purchasing a new vehicle is the factor of depreciation. A new vehicle, when it is driven off the lot, loses around twenty percent of the original value. On top of this, has an average yearly stabilized rate of depreciation of seven to twelve percent; in the first year of ownership there is a total loss of twenty-seven to thirty-five percent. Take that number and multiply that by the cost of a new vehicle, and it is observed that thousands of dollars get lost just in the first year. However, that is not all; if the extra cost of financing is taken into consideration several thousand more dollars are lost. Another drawback occurs if a new car is totaled in an accident. Often the insurance is not adequate to replace the car. When buying a new car, the interest on the loan is paid off before the principal (the vehicle itself). Less money has gone to the reduction of the purchase price, and insurance only covers the vehicle value, not the interest, so there can be a large cash shortfall. This could also occur if the vehicle was stolen. Either way, the interest that has already been paid on the loan with not be returned. There are many instantaneous and long term losses that occur when buying a new vehicle.
Restoring an older vehicle is also better for the environment. If you can keep vehicles on the road and out of dumps, it also keeps society from destroying new resources and helps to maintain a better environment. Today’s automobiles contain more plastic and less metal than older cars. This trend means more waste for landfills as newer vehicles age – unless plastics are recycled as completely as metals are. About ten million vehicles are scrapped, disassembled, and shredded each year. The process is a very costly one; it first starts off with the transportation of the automobile to a scrap yard. From there, it is stripped down, and the plastic, cloth and metals are separated. The majority of the cloth and the plastics are transferred to a land fill. The metal is taken to the shredder where it is cut up, recycled, and made into usable parts. This process costs citizens and the government several billions of dollars a year. With the older vehicles being made out of more metal than plastic, it is easier and tons cheaper to recycle. With all of the new cars that are being made with unrecyclable plastic, it costs much more to dispose of these cars properly. Even when the plastics are recyclable, massive amounts of chemical solvents are used to bring the plastics into a high enough purity to where it could be turned into something useful. This raises environmental concerns, because the chemicals used are poisonous to humans and most animals. All of the extra trouble that it causes the government to properly dispose of the new automobiles will make the price of taxes and automobiles higher, once again costing the consumer. The whole process of restoring an older vehicle is like recycling, it is fixing something up to useable condition and saving the economy money from not having to produce or get rid of as many new vehicles.
Money costs in restoring are insanely cheaper than buying a new vehicle. You can buy a used car at a reasonable price, paint it, install new tires, and redo the interior. Then a new drive train can be purchased (consists of the engine, transmission, driveshaft, and rear-end) that have better warranties on them than the new automobile warranties offer. With all of this done, an immaculate car can be restored for under fifteen thousand dollars. Taking into consideration labor costs and time, you have to keep in mind that consumers save lots of money, and in the end have a vehicle just as nice as a new one would be.
Consumers can not only build their car back to factory specifications but they can customize it to fit their needs. Consumers could put a new motor with higher horse power, a heavy duty transmission or rear end. They can install a nice stereo system, or redo the inside to a theme. The beauty is that consumers not only build the vehicle back to factory specifications, but can upgrade items for safety, durability, or whatever they require. Customization of automobiles is great when it comes to the handicapped. Automobiles can be altered for storage compartments that might hold wheel chairs or other medical equipment. They are also customized with lifts, and ramps for the handicapped in wheel chairs. However customization is not only used in the medical field but often used by the average blue collar citizen. He or she often needs to customize his or her vehicles so that it benefits the needs he or she may have due to a particular profession.
In conclusion, restoration of an older automobile is better than purchasing a new vehicle. It helps out the environment and economy. Massive amounts of money are saved not only by the consumer, but also by the government. It has some major customization benefits for the consumer. The benefits are irresistible over those of buying a new car.