Well, you have decided you want to buy a car WONDERFUL NEWS…but are you going to buy a new or used car? Buying a new car might not be the route to go or maybe it is- depends on you!
Buying a vehicle will significantly affect your finances over a couple of years so you want to make sure you are doing the right thing. Here are the pros and cons of buying either- new or used cars.
Advantages of a New Car
A new car comes with several enticing pecks that make it hard to resist. Starting from the latest tech options offered by a new car, the user can enjoy car compatible with trending devices. Features such as Apple CarPlay, Android Auto, and Bluetooth phone connectivity are some of the latest technology that comes with new cars. Safety tech such as adaptive cruise control, autonomous emergency braking, lane departure warning, blind-spot monitoring, and many other safety features and these can be found on affordable cars. There are so many cool techy features on a car but you will also be paying for those extras.
New cars are likely not to have any repairs except for general maintenance in the first few years of purchase, and this saves the user from expenses that would have gone into repairs. New cars are more fuel-efficient and have lower emissions, they’re reducing the amount spent on gas each month. With gas prices coming up on a daily then this is pro to take in consideration. Also, the new car usually comes with more incentives such as lower interest rate, money back, and deals that generally not available with pre-owned vehicles.
Disadvantages of a New Car
The moment the new car is driven off the lot, you lose money which amounts to several thousands of dollars especially in depreciation cost in the first three years. The same model of a pre-owned car cost less and can save much. A new car model that had just be given a design modification can come out having a general problem which is the case sometimes; a pre-owned car saves you such an unfortunate experience. You also pay more sales tax and insurance premium on a new car than a pre-owned car.
Advantages of a Used Car
The most significant advantage of buying a used car is that the depreciation cost had been taken by the former owner. You can end up selling the car after some years at almost the same purchasing price. It is easier saving for a used car and pays cash. You have access to check the consumer reports of car models and choose models with little or no complaints from users. Insurance rates are also lower for used cars compared to new cars.
The same amount you would have used in buying a new smaller car can get you a bigger pre-owned car that is in good shape.
Disadvantages of a Used Car
Reliability is a major concern when considering a used car. Going for a certified car can save you from expensive repairs, which can gulp your money over time. Another disadvantage is that you may have to give up your desired color for a sound car with a better history and good mileage. You need to exercise patience to get the best deal unlike getting almost everything you want in one dealership.