New Car vs Used Car – Which Should You Buy?

Dodge Challenger Cars

There are many advantages to purchasing a new car, just as there are advantages to purchasing a used car. A good many things need to be taken into consideration.

  • What type of car are you looking to buy?
  • What will you use it for?
  • What is your budget?

These are just a few of the questions you need to ask before making a decision.

Benefits of Buying New

One of the main benefits of buying a new car is the warranty that comes with it. This brings peace of mind. New cars only need to be maintained, as repairs are going to be minimal. You may be able to get great financing on a new vehicle too. Another great perk that many take into consideration today is the technology that comes with the car. Can you use your Bluetooth with it? What does it offer? These are definite concerns in today’s tech-savvy world.

Benefits of Buying Used

Buying a used car may be less expensive and the depreciation has already hit. This means if you decide to sell it down the road you may be able to get out of it what you put into it. Depending on where you are purchasing the used vehicle, excellent financing is possible. Insurance rates can be lower than buying new. If you know what you want the ability to save up and pay cash is a definite perk. Plus you can ask around and check things like Consumer Report and Kelley’s Blue Book to see what cars are the best buys.

Disadvantages of Buying New

The main disadvantage of buying a new car happens the minute you drive it off the lot. Depreciation hits and continues to impact for about three years. This means you lose money immediately. When you buy the newest model the bugs haven’t always been worked out and you risk things like recalls on parts or a change in the design that affects the vehicle later on.

Disadvantages of Buying Used

The obvious disadvantage of buying a used car is there may be problems of which you are not aware. Buying a certified pre-owned car can help with that. You may need to be flexible as well. You might not be able to find the color you want and get the best mileage.

Deciding What Is Best

Only you can decide which is the best choice for your situation. The ability to pay off the car in a reasonable time frame is one factor that should really be considered. Check reviews and do your research. If buying used, have a mechanic look at it before doing any final purchase. Don’t take the first loan option available but shop around and do price comparisons. Getting the most car for your buck is your goal, so chose wisely.

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