Hoping to purchase a car?
You’ll need to choose between getting a used vs new car. One offers benefits that the other can’t. That said, which one is a better deal for the money you have?
Wonder no more, we’re here to dissect the pros and cons of both choices for you. Discover more by reading our in-depth breakdown of both used and new cars below:
Why Buy a New Car
One of the main reasons to buy a new car is longevity. You can expect a brand new vehicle to last you anywhere from five years to a decade or more. This depends greatly on how much maintenance you do but it’s almost a guarantee it’ll last quite a while.
A new car can also guarantee you better mileage. The vehicle is still fresh right off the manufacturer’s factory, meaning it doesn’t have any defects that could reduce its capabilities. Everything is still running at optimal efficiency, ensuring you’ll get as many miles per gallon of gas as advertised.
This won’t be the case with a second-hand vehicle. The engine is already a little old and body modifications may alter the size and weight of the vehicle, reducing its fuel efficiency.
Brand new vehicles often come with a better warranty. This isn’t always the case but you can expect better coverage. It’s a new vehicle, after all, and the parts are all fresh without defects.
Cons of Buying a New Car
Depreciation is the biggest issue of buying a brand new car. Don’t forget that a car’s value instantly decreases the moment you drive it off the dealer’s lot. Even if it didn’t go through a single accident, the mere fact that it’s not new anymore lowers its market value.
Unfortunately, this means it’s nearly impossible to sell the car at a reasonable price. You’ll have to sell at a much lower price, even if you’ve only used the car for a day or two.
There’s also denying that a new car costs a lot. Financing for a new car can take a lot of a person’s finances. Prices are also going up due to current issues, such as the ongoing pandemic.
If you don’t have good credit or a high-paying job, you might not be able to purchase a brand new vehicle.
One final issue is that new cars are stressful to maintain. It’s a little more difficult to find replacement parts. They’re not prominent in the market yet so not every auto shop will have the parts for the car you own.
Your only chance for repairs and maintenance is to take advantage of the warranty.
Why Buy a Used Car
Why purchase a used car instead of a brand new one? The biggest benefit is that you’ll spend less. Used cars are less expensive and you can often find a car that’s only a year or so old but already at a major discount compared to the price if it was fresh off the lot.
Used cars also grant you better insurance deals. It’s a used vehicle, after all, meaning it’ll cost the insurance company much less to replace or repair. Since the vehicle’s age is also a factor, you can also opt to reduce your insurance fees further by removing either collision or comprehensive coverage.
The good news is you still get a warranty. Not every used car has an expired or reduced warranty. There is always the chance the original warranty is still valid or renewable. Take advantage of this because it means you can save cash whenever you need to take the car in for maintenance or repairs.
Don’t forget that a used car doesn’t automatically mean it’s an old one. You can find great vehicles that are almost brand new but at a good price right here, for example.
This does mean you get a better resale value. You bought the car at a used car dealer for a depreciated value and you’ll get to sell it at a price close to what you paid for.
One final benefit is the fact parts are much easier to find. The car’s been in the market for some time, meaning you’ll find parts at most auto shops now.
Cons of Buying a Used Car
Are there problems with a used car? One problem you’ll run into are consistencies with the warranty. As mentioned above, you can still get a used car with a decent warranty but how much of it still applies to your vehicle?
There’s also the problem of monitoring damages, repairs, and modifications. If you can pay for a history report, do so. This will give you a better picture since you now get to see all the official records about the car.
You’ll get to see who owned it, how many times it saw major repairs, and how many accidents it got into.
Buying a Used vs New Car
Should you visit the nearest used car dealership or is it wiser to get a brand new vehicle?
If you know what you’re looking for and you or a friend knows how to check a car, you can get a much deal with a used car. It’s possible to find a car that’s less than a year old but available at a much lower price, with no damage, and a valid warranty.
Buy the Best Car Today
When it comes to choosing between a used vs new car, the former is often the better deal. You get a good car for a decent price and, you’ll still get to use its warranty. Repairs, insurance, and maintenance will cost you a lot less too.
Did you find this guide useful and informative? If you did, don’t stop here! We have a plethora of other guides, covering topics like the auto industry to technology, so don’t hesitate to dive right in!