Used vs New, Which is Right For You?
When shopping for a new vs used car you need to figure out what is the right choice for you? It may be easy to get persuaded by all the new fancy features the newest cars have to offer, like a new car smell, or heated seats. Obviously, a brand new car is exciting and appealing, but is it the smartest choice? The answer is not simple and the reasons to buy a new or used car aren’t always the same for everyone.
Before you walk into a dealership or start shopping online, know the benefits of both a new and used car and figure out what is right for you. Once you review your needs and your budget, the right answer will be clear.
Benefits of Buying a New Car
It’s Brand New and Made to Order
You know for certain that a brand new car has no miles, never been in an accident, or has any mechanical issues. On your hunt to find the brand new car you’ve always wanted, chances are you can spec a new car just the way you would like it, with the options you care about. Your new vehicle also will most likely be equipped with the latest flashy technology and features you won’t find in older vehicles.
More Financing Options
Automakers and dealerships are notorious for offering a numerous amount of incentives to entice buyers. Often, new car loans have better interest rates, so the price you see on the windshield of the car may not actually be the price you end up paying. Doing your research ahead of time on these incentives can save you thousands of dollars on a new vehicle.
Warranty Coverage and Advanced Safety Features
A new car comes with an untouched factory warranty for a predetermined number of miles you drive or years you own the vehicle. They are included in the price of all new vehicles to ensure your pocket is protected after making a massive investment. As technology continues to involve, the safety of new cars will continue to grow and get better. Almost all new vehicles are equipped with the newest safety features that you will rarely find in most used vehicles.
Benefits of Buying a Used Car
It’s quite obvious a used car is going to cost you less than a new car. It is also important to know that cars depreciate the second you drive away from the dealership. The finances may always not make sense to someone buying a new car and a plausible used car can provide years of reliability all at an affordable cost. Many times you can find a late-model used car that can certainly be a needed upgrade from your current vehicle.
The majority of a car’s depreciation takes place in the first year of ownership so when buying a used car, the damage has already been done. You can almost be certain that your car purchase will not have much room to depreciate, and if the day comes when you want to sell it, you will receive closer to what you originally paid.
Lower Insurance Rates
Insurance rates are always lower on used vehicles and steadily decline as the vehicle ages. That said, you are not only saving money on the purchase price of a new vehicle, but also your insurance. Always get insurance quotes on your desired vehicle options and consider each rate, your pockets will thank you.
It’s Your Call
The time has come… What option is right for you? Remember, buying a new or used car comes down to personal preference, financial capabilities and desires. There is no right or wrong answer on your car buying journey, so determine what your priorities are and you’re on your way to a fresh set of new(er) wheels.