Are you in the market for a vehicle? It can be tricky trying to determine if you should buy new or used. There are many things to consider about both options. While new cars may be more reliable, they are also generally more expensive. Aside from financial factors, you should also consider your preferences.
New cars have more bells and whistles and may rate higher in safety than older cars do. And you should also keep in mind your reason for purchasing a vehicle. Is it for work, pleasure or both? Learn more about the benefits and disadvantages of buying a used or new car in the sections below.
There’s something about buying a new car that draws many Americans in. Although it usually costs more money, there are certain things you get with a new car that you just can’t get when you opt for a used one.
Perhaps it’s the lure of being the first owner – you don’t have to worry about any issues or accidents that previous owners may have encountered with the vehicle. No pet hair, cigarette smoke or other messes to clean up, either.
Purchasing a car is a major expense, so it’s important to weigh all of your options. Opting for a cheaper vehicle may sound like the best decision financially, but it could actually cost you more in the long run with unexpected repairs or other issues common among older vehicles.
If you’re considering purchasing a new vehicle, here are just a few benefits you can expect:
- Advanced technology and features. If you want all the latest technology packages in your vehicle, it’s best to go for a new car. Newer makes and models feature the most current technology out there, like lane departure, self-parking capabilities and advanced navigation.
- Warranty. Used vehicles rarely offer any warranties against damages, wear-and-tear and unexpected repairs. When you buy a new vehicle, you can rest assured with a manufacturer’s warranty knowing you’re covered for certain expenses.
- Peace of mind. Purchasing a brand-new car means it is free of damages. This lowers your risk of incurring maintenance and repair costs for mileage or accident-related issues.
- Lower interest rate. As an incentive to purchase a new vs used car, many dealerships will offer attractive financing packages that feature lower interest rates. This could save you hundreds – even thousands – over the life of your car loan.