The car buying process is a nightmare for most. Trying to decide on whether to buy a new vehicle vs used vehicle can get confusing. Lots of questions come up in the car buying process. Should you buy new or used is a simple one. Below I discuss some advantages of both.
Advantages of Buying New
Build Your Own– You can spec out your new car exactly how you want it. If you don’t want to wait for it to be build, you can get the dealer to perform a dealer search for one that has the bells and whistles that you are wanting.
It’s New, not Used- It hasn’t been in any accidents. Don’t smell funny. Has no wear or tear. No history. No miles except for test drives.
Warranty – New car warranty hasn’t been touched and is the best warranty you can buy. You can buy warranties on used vehicles or you could also go the certified route, but the new car warranty you don’t have to pay extra.
Latest & Greatest Gadgets – If you are a techy geeky person and like to keep up with the latest technology the new car route is the way to go. Your selection will be better in the new car showroom vs trying to find gadgets to put on a used vehicle.
Safety – Safety equipment is up to date with all the vehicle laws.
Financing – Lower financing rates are offered by banks because the new vehicles are worth more and haven’t depreciated out.
Maintenance – If you are buying one of the high luxury lines, sometimes free maintenance is included for a certain amount of time or certain mileage.
Advantages of Buying Used
Depreciation – Cars lose value with each passing month and mile. The steepest decline happens right away. One thing you don’t have to worry about is that first ding or rock chip in the paint. The previous owner probably has already taken care of that for you.😄
Price – A used car is going to be less expensive than the new one. As stated above, the previous owner has already taken the hit on the depreciation. The used car price can possibly allow a buyer to step up to a nicer mode.
Insurance – Insurance rates is being affected by the age of the vehicle, just like financing. Rates tend to be less expensive on a used vehicle.
These are only a few of the advantages of buying new vs used. The choice is yours.
Comment below and let me know your thoughts on the subject.