Between a new vs used car, which is the better buying option? Check out this guide to learn about a new vs used car.
Every year, nearly 79 million cars are sold throughout the world. Are you looking to purchase a new-to-you car?
When it comes to car shopping, there are a lot of factors you have to take into account. One of the most important questions to answer, though, is whether you want to buy a new or used car.
There are definite benefits to buying new, but there are also downsides. The same goes for buying a used car.
If you’re having a hard time choosing between a new vs used car, keep reading. All the pros and cons you ought to consider are explained below.
New Car Pros
For some people, buying a brand new car fresh off the lot is the only way to go. There are lots of reasons why people opt to buy new cars, including the following:
Easier Shopping
When you buy a car new, you have tons of options available to you. You also don’t have to go through as thorough of an evaluation process. You can trust that the car is in good condition and don’t have to worry about taking it to a mechanic.
Easier and Cheaper Financing
Financing for new cars is often cheaper than it is for used cars. Interest rates are often lower, and it’s also easier (in most cases) to get the financing you need.
New Technology
Buying a new car means you get to experience the latest and greatest technology. If you want a top-notch sound system and all the bells and whistles, your best bet is to invest in a new car.
Peace of Mind
New cars are less likely to have problems than used cars. Because of this, you get to enjoy more peace of mind when you hit the open road.
New Car Deals
In many cases, there are also lots of deals available to you when you’re shopping for a brand new car.
Dealerships almost always have sales going on to get slow-moving cars off the lot or make room for new inventory. You never know what kind of deal you’ll get if you shop at the right time.
New Car Cons
At the same time, there are also downsides to investing in a brand new car. Here are some potential cons you ought to keep in mind:
Higher Price
Of course, new cars are almost always more expensive than used cars. For some people, the extra money they have to spend is worth it because they get to enjoy extra features and perks. You’ll have to decide if it’s worth it for you, though.
More Expensive Insurance
It also costs more money to insure new cars. It’s important to remember this when you’re deciding between two different cars. You may even want to check what your insurance rates will be before you make a final purchasing decision.
Dealership Drama
If you want to buy a new car, you have to shop at a dealership. That can be a deal-breaker for some people, especially those who don’t enjoy working with pushy salesmen.
Depreciation
Remember, your brand new car will decrease in value the second you drive it off the lot. If you decide to sell the car in the future, you won’t be able to get anywhere near as much as you paid for it.
Used Car Pros
If you’ve been leaning toward buying a used car, you’re not alone. Lots of people prefer to buy used cars, and for good reason. The following are some benefits that you’ll enjoy if you buy your next car used:
Lower Price
Used cars are often much more affordable than their new counterparts. You can save a lot of money by buying an older model of a car that you love.
Lower Insurance Rates
It’s also cheaper to insure used cars. This is great for people who are working with a limited monthly budget.
Cheaper Registry Renewals
You get to save money when the time comes to renew your car registration, too. Remember, there are a lot of fees that you have to deal with as a car owner. Make sure you take that into account before you decide to buy new over a used vehicle.
Less Stress
When you buy a brand new car, you spend a lot of time fretting over every little dent and ding that it sustains. With used cars, you don’t have to stress over these quite as much. They’re still annoying, but they’re not quite as soul-crushing.
Used Car Cons
Of course, used cars aren’t without their issues. Here are some common problems people experience when they choose to buy used instead of new:
Unclear History
It’s not always easy to get the facts about a used car’s history. Even if you get an accident report and have a mechanic evaluate it, there are still potential issues that could go undiscovered until later on.
Limited Warranty Coverage
Used cars often don’t come with a warranty or have limited warranty coverage. If something goes wrong after you buy the car, you’ll be responsible for getting it taken care of.
More Expensive Financing
Interest rates are often higher on used cars. Depending on the price of the car, this might not be a huge deal to you, bu tit’s still worth considering.
Fewer Options
You also have fewer choices when you buy used. Unlike a dealership’s overflowing new car inventory, your choices will be more limited when you decide to go the used route.
New vs Used Car: Which Is Right for You?
There are certainly a lot of pros and cons to both used cars and new cars.
Now that you know more about the nuances of the new vs used car debate, where do you stand? Do you want to pay more money for a brand new car, or would you rather save and go the used route?
If you want to learn more about buying new vs used, or if you need help choosing the right type of car for your needs, don’t forget to check out some of our other resources.
The Car Buying section of our site is full of helpful articles that can give you more insight into this important decision.