May 3, 2018 -
Should I Buy a New or Used Car?
May 3, 2018
If you’re buying a car, the very first thing you need to decide upon is whether or not you want a new or a used one. This can influence what you look for, what you can expect, and where you’re going to shop. There are so many pros and cons for each option, though, making it difficult to choose.
Essentially, whether or not you buy a used or new car is entirely up to you and your specific situation.
Read on to learn more about how you can apply your finances, expectations, and preferences in order to figure out whether you should buy a new or a used car.
Pros and Cons of Purchasing a Used Vehicle
There are plenty of places you can purchase a used car. In fact, these days, finding your dream car can be quite easy so long as you’re OK with used. And why shouldn’t you be? Buying a used car is a smart option!
Here are the pros and cons of purchasing a used car:
Pros of Purchasing Used:
- Saves Money. This is the most obvious benefit with purchasing a used car. New cars lose so much value the second they are driven off the lot. So much that it sometimes just doesn’t even make financial sense to purchase new when you can buy a used car with only 30,000 miles and save $10,000.
- Low Insurance Rates. Because the vehicle costs less, your insurance premium will be that much lower. This means, alongside a cheaper car payment, monthly expenditures on your car will be much more manageable as insurance costs are lower as well.
- Higher-End Vehicles. With a cheaper cost, you can look for cars with more impressive specs. What might otherwise be inaccessible due to finances becomes easily available with used cars.
Cons of Purchasing Used:
- Not the Newest and Greatest. Some folks simply want the newest and greatest thing on the market. Used cars are typically not that. Even 3 year old cars are missing out on some of the most cutting edge technologies if that is important to you.
- More Immediate Maintenance. The trade-off for a cheaper initial price is a car that will require maintenance much sooner. A used car with 45,000 miles on it is going to need major repairs within the next 40,000 or so miles, whereas a new car could go the whole 85,000 miles before needing any repairs.
Pros and Cons of Purchasing a New Vehicle
Interested in buying a new car, or you just want to splurge? It makes sense, especially if you spend a good portion of your day in your car. You’ll want to be as comfortable as possible. Here are the pros and cons of purchasing a new vehicle.
Pros of Purchasing New:
- New Condition. You don’t need to double-check the parts of a new car; you can assume that everything is in perfect working order, meaning you won’t have to worry about hiding issues you missed when inspecting a used car.
- Single Owner: You. You don’t have to wonder where your car has been in the past. You have the full assurance your car is yours and yours alone. You know its entire life history and can treat it carefully to get the longest value from your vehicle possible.
Cons of Purchasing New:
- Depreciation. Over time, your car will lose its value. This is called depreciation. Newer cars suffer from faster depreciation in the first few years you own them. Because you’re spending so much, it’s unlikely you’ll get the same ROI when you decide to sell a car you purchased new vs. a used car.
- Pay More. You’re paying for all the benefits of a new car: and most of them aren’t tangible benefits but more so status. You can have a perfectly good used car that will last longer than a new car so long as it is properly maintained.
Choisser Import Auto Services is your local provider for auto maintenance in Annapolis, MD. And whether you choose a new or a used car for your next purchase, Choisser can help you get the most value and longevity possible from your vehicle. Call us today if you need more information about used and new cars.
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