Used Car vs New Car: Which Purchase Is Right for You?
Are you in the market for a new car? Whether you’re purchasing your first car or are ready to upgrade from your current one, car shopping is a time filled with excitement and opportunity. However, there is one major question that you’ll need to ask yourself before you even begin your car-shopping process. Are you in the market for a newer used car or a brand-new car? This is something that you should know the answer to ahead of time because the two markets are completely different from one another. Buying a used car vs new car comes with many differences such as cost, incentives, and more.
When it comes time for you to upgrade your current vehicle, you’re going to have a lot of tough decisions to make. Not sure whether a used car or brand-new car is best for you? Continue reading below as we give you a break down of the differences between the two.
Purchasing a New Car
If you’ve been thinking about purchasing a new car, then you’ll need to know some of the new car buying basics. Sure, you know the common advantages and disadvantages of buying a new car, but there may be some things that you’re not aware of. To ensure you know everything you need to know before buying new, continue reading.
Buying a brand new car means facing a huge depreciation hit. As you know, new cars are more expensive than used cars because they’re brand new. No one has ever owned these cars before, allowing the price tag to be so high.
Although this factor comes with many amazing benefits, this also means that the second you drive the car off the car lot, the cost of the vehicle drops drastically. Then, over time, as you put wear and tear on the vehicle from every-day use, the price of the vehicle will drop even more.
You’ll never sell the car for the same amount of money as you paid for it brand new because it’ll never be brand new again.
Getting Your Car Insured
Do keep in mind that when purchasing a newer car, you can expect to pay higher insurance rates. This is because the price of your car insurance takes the price of your car into consideration. The more your car costs, the more it costs to insure it.
It also costs more to register a new car than it does to register a used car.
Gathering the Incentives
Dealers often offer incentives for those looking to purchase new vehicles. Dealers use these incentives to lure more buyers into spending more money on a new car. Some incentives might include loans with better interest rates, cash rebates, and others.
All of these incentives are things that won’t be offered to you as commonly when purchasing a used vehicle.
Customizing Your Vehicle
A brand-new car also means that you have the option of customizing your vehicle. New cars come with all of the new technological advances that you love, including advances in comfort, safety, and performance.
If there’s something that you’d like to add to your vehicle, then this is the best time to have it done. Most auto nerds will wrap their cars in a unique colour scheme. And then opt for a range of personalized car covers to protect their newly refreshed pride and joy.
Purchasing a Used Car
Purchasing a used car has its own advantages and disadvantages as well. You’ll save money when purchasing a car that’s used, but you’ll also have to consider the shopping process and reliability issues as well. Here’s what you need to know about purchasing a used car.
Understanding Reliability and Maintenance
One of the most common reasons why people choose to buy new cars over used cars is the thought that a used car won’t provide them with the reliability that a new car will provide them with. However, this isn’t exactly true. As time has gone by, cars have been made to be more reliable than ever.
Many cars will last you 100,000 miles before needing any major car repairs. General maintenance is expected, however. As long as you keep up with the regularly needed maintenance, you shouldn’t have any huge problems with your vehicle.
Going Through the Shopping Process
When shopping for a new car, the shopping process is a whole lot easier. You arrive at the dealership that sells the type of new car you’re wanting to buy, and begin to look around at your options. You’ll then speak with a car salesman and determine what your options are.
When shopping for a used car, you’ll be forced to do a bit more work. The best way to purchase a used vehicle is to view inventory listings online. This might take some time to go through multiple websites for several different used car dealerships.
You’ll need to shop around and try to find the best deal for the kind of vehicle you’re looking for. This isn’t something you really need to do when shopping for a new vehicle. You’ll also need to have a mechanic look at the car before purchasing it and do research on other things such as the vehicle’s history or Carfax report, the number of owners the car has had, and more.
Paying a Lower Cost
Buying a used car means paying a much lower cost. If you don’t have the money to spend on a brand-new car, then buying used is the way to go. If driving a brand-new car offsets the cost of depreciation for you, then buying a new car might be the better option.
Either way, you’re going to save money when buying a used car. You’ll also have the option of buying a higher-end car that’s used that you might not have had the option of buying if buying new. Sure, you’ll have to go with an older year, but a 2016 Mercedes might be more worth it for you than a 2020 Honda.
What’s Your Take on a Used Car vs New Car?
Now that you’ve read through the benefits and fallbacks of both used and new cars, what’s your take on a used car vs new car? We hope that you now have a better understanding of which one would be more beneficial to you.
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