Are you thinking about getting a new vehicle but don’t know which car is right for you? There are hundreds of cars out there but once you have decided on your make and model, another issue comes up; should you buy the car new or used? This is an age old question but maybe after reading this, you will have your mind made up for good.
ValueAs you may already know, a car loses value as soon as it’s driven off the dealership lot. This is a major weak point when thinking about buying a new car. It is estimated that about 20% of a car’s original value is lost within the first year or ownership. If you’re buying new, make sure to put down at least that 20% so you don’t end upside down on your loan. When you buy a used car however, you’re basically taking advantage of that first owner’s loss in value. If you don’t care for the new car smell and you don’t mind a car with a few scratches here and there, do your research and you can end up with a great deal on a used car. Something else to consider before buying a new car is, insurance will be higher than the used option. If you want to know if you’re overpaying for your car, take advantage of websites like Kelley Blue Book to take a look at current car value before going forward with your purchase. More value is definitely an advantage of buying Used.Peace of MindIf you’re like most of us, you don’t want to waste time at a mechanic or take time out on your weekend to fix your car. This is a great advantage of buying a new car rather than used. With a used car, you never know what the previous owner was doing with the car, they could have been taking it to the track every weekend for all you know. New cars also offer some great warranties that typically last 3-5 years. If you are buying the same car used, it may not be under warranty and everything that goes wrong with the car falls on you. This is probably the biggest reason that people choose New over used. Before buying used, make sure to check out the vehicle’s history report through websites like CarFax. This is an easy way to avoid a lemon that may have already been in an accident and will just cause headaches later on. Avoid cars that have had major work done or have been listed as “Salvaged” since this means it was declared a total loss at one point. If you don’t want to worry about what someone else has put your car through, definitely buy new.All the Bells and WhistlesAre you the type of person that knows exactly what they want in a car and don’t want to settle? Maybe you just have to have that new, top of the line interior with a back-up camera, Bluetooth and heated seats. If so, buying new is the way to go. When buying a new car over a used one, you get to choose exactly what you want from the exterior color to the specific engine. If the car isn’t available in their lot, the dealer can even trade their inventory with other dealerships in the area and have the car available within days. While it may be nice to get your dream car, take some time to read the fine print so you don’t end up paying unnecessary processing fees. On the other hand, when shopping for used cars, you may not always find the car you want with the features you want, it all depends on what’s for sale. It’s 2018 and every new car comes loaded with the latest technology and safety features. Not only does the newer model have better interior features, they’re often more fuel efficient than older models which can save some money in the long run. With that being said, just because you can’t ask for everything you want in your car, doesn’t mean that you can’t find a great used car. You might find a car that has everything you want inside, even if it’s not for the exact color you had your mind set on. At the end of the day, your decision comes down to your financial situation and what you’re really willing to spend. If you are on a budget, go with used option since you get more value even though you may not be getting all the features. Just make sure that you do your research and find out the history of the vehicle. If you have some cash burning a hole in your pocket, perhaps you are willing to lose value in order to take advantage of some great new car features while not worrying about repairs. Either way you go, make sure to use every tool available to make a well thought out decision that you won’t regret. |
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