If so, we’ll break down the benefits of each to help you make that decision.
Before you start shopping for a car, there’s an important choice you need to make, and that’s whether the car should be new or used. By picking one before your search, you can make it much easier to pinpoint your next vehicle.
What should you consider when comparing new versus used cars? Let’s have a look.
New Car Benefits
More Customization and Newer Features
When buying a brand new car, you have a lot more options when it comes to customization, so you can get the perfect vehicle to match your needs and desires.
At the dealership, you can choose the car’s exterior and interior colors, plus any other custom features that will be limited if you take the used car route.
The newer the car, the better the technology, too, with features such as adaptive cruise control or lane-change warnings that can make it safer to drive.
Warranty Coverage and Lower Repair Costs
If you’ve ever driven a used car with many miles/years on it, you know that it can lead to worry when it comes to unexpected repairs and maintenance. If the engine or transmission fails, you could be looking at repair costs worth thousands of dollars.
With a new car, you shouldn’t have this problem thanks to a warranty that can keep you covered. This peace of mind that comes with new vehicles may be their most popular feature, beyond new technology or that “new car smell.”
Better Financing Offers
Depending on your credit, you could enjoy financial incentives for buying a new car, such as zero-percent financing or cash back. Either could lower your upfront costs to get into a new ride.
Beyond incentives, new car loans often have lower interest rates than used ones. Score another point here for the new car crew.
A Quicker Purchase
As mentioned, you can customize a new car to fit precisely what you want and need right from the dealer. With a used car, you may have to search a while to find a precise fit, especially if you’re picky about color, engine features, etc.
Used Car Benefits
More Affordable
Depreciation is your friend when buying a used car, as it can help you score a reasonably new vehicle at a much lower cost. Some cars lose one-fifth of their value or more in their first year, so waiting a bit to get that desired car in its used state could result in significant savings.
The price of a used car isn’t the only financial feature that may be more affordable, as you may save on insurance too. Since less-expensive cars usually cost less to insure, you can keep more money in your pocket every month by going used.
While it may seem like new cars have a lot more benefits in their favor, it all depends on your situation. Regardless of which route you choose, be sure to shop around, do your research, and, as always, read the fine print before signing on that dotted line.
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