Cars play a vital role in modern life. We wouldn’t be able to live as comfortably as we do without them. However, they are expensive. The cost of new vehicles in the United States is higher than ever. The average person has nowhere near enough money to buy a brand-new car outright, which is why finance is heavily relied on.
If you are in the market for a new car, you need to weigh up the pros and cons of buying pre-owned vs. buying new. This post will tell you what the pros and cons are, so you can make the right choice.
Cost Difference
The main benefit of buying a used vehicle is that it tends to be much cheaper than new ones. Whether you are looking for top work trucks used or just want a used car, you can score a great deal. Something to note about used cars is that you can still buy them on finance as long as you purchase from a dealership. Make sure you put down a large deposit if you are buying a car on finance, used or new, so you don’t incur massive interest charges. Finance is good because it allows you to buy a vehicle that costs more than your budget permits. However, it’s important to shop around and find the best deal you can. The lower your auto loan’s interest rate, the less you’ll pay on top.
Price Depreciation
When you buy a new car, it depreciates in value the minute you drive it away from the dealer’s showroom. Price depreciation can lead to you losing a lot of money. It’s not really a problem with well-taken care of used cars, however. A used car will retain its value if it is properly serviced and maintained. The number of owners a used car has doesn’t mean much if a car is in good condition. If you want to minimize financial loss, buy a used car. Used cars in good condition that are priced well sell very quickly, too.
More Choice
If you want more choice, a used car is your best option. With new vehicles, you can only buy what the manufacturer has to offer. With used cars, you can buy just about anything. If you had the budget, you could buy a car from the 1920s and use it on a daily basis. The number of choices you get with used cars is part of the reason that they are as popular as they are. Make sure to shop around and find a car that’s right for you and suits your lifestyle needs, whether you buy used or new.
Maintenance Cost
One of the main cons of buying a used car is that they typically have much higher maintenance costs than new ones. One of the main reasons for this is that the vast majority of cars sold brand-new are covered by comprehensive warranties, which means that if cars get damaged, owners can get repairs made for free. A good way to reduce maintenance costs is to get your car serviced by an experienced mechanic once or twice a year. Regular servicing can minimize maintenance costs and prevent your car’s value from depreciating.
Vehicle History
When you buy a used car, you don’t get a full picture of its history. You can never really know who owned it previously and what they did in it. When you buy a new car, however, you know it has never been driven and that it has been properly taken care of. With that said, many used dealers will be able to provide background information on cars prior to purchase. For example, they can tell you how many owners a car has had and how well it has been looked after since most dealers perform independent inspections prior to listing cars for sale.
Warranty Plan
Finally, when you buy a used car, you typically get a shorter warranty period than you do when you buy a vehicle brand-new. However, if you buy a used car from an approved dealer, i.e., one that is partnered with the manufacturer whose cars they sell, you can often get much better warranties than you would get from private dealers. Before you buy a car, used or new, it’s important to take time to look at the warranty package on offer. Sometimes you can negotiate a lengthier warranty package. The longer your car is protected, the less you will have to pay on repairs.
There are advantages and disadvantages to buying both new and used cars. If you are in the market for a new vehicle, used cars have more benefits than new ones. Think about the things mentioned here so you can make a decision and buy a vehicle that’s right for you.
