Looking to buy a car but on the fence about choosing a used or a new car? This article will explain the advantages and disadvantages of both options so that you can make an informed decision. Keep reading below to find out which option suits you best!
Buying a new vehicle for your family is no easy decision. It is, after all, a pretty big and long-term investment. So, it’s normal to want to make the best decision.
If you are on the fence about whether you should buy a used or a new car, find that you aren’t the only one dealing with this dilemma. Most first-time car buyers face the same question.
To help you make an informed decision you’ll be happy with for a long time now, we’ve gathered all the advantages and disadvantages of both choices.
Advantages and disadvantages of a new car
One of the main advantages of buying a used car is that you may be saving a lot of money. Used cars are typically a lot cheaper than new vehicles. In fact, if you are on a pretty tight budget, a used car is perhaps the best way to afford the car you want.
Many times, you may be able to find a late-model used car priced at half the cost of a new one of the same model.
Another great advantage of used car is that you let other car-buyers take the biggest depreciation hit on the car. If, in a few years, you decide to sell your car, you may be able to sell it for the same amount you paid.
What’s more, when you purchase a used car, thanks to its significantly smaller cost, it’s easier for you to save up and pay cash. So, you won’t have to get financing with a huge interest and almost double the amount of money you pay for the car.
Another advantage used cars have is that they might help you pay less on insurance. Insurance rates for some used car models are lower as opposed to the rates for a new vehicle.
Used cars also have some disadvantages, including questionable reliability.
When buying a used car, you can’t be sure who has driven that car, how carefully they have maintained it, and whether or not the car hides some pretty expensive repairs under its hood. However, you can ask a mechanic to double-check the car before you agree on buying it.
Another disadvantage of purchasing a used car is that you may have to compromise on the color of the car and its add-ons, or lack of add-ons, to get the vehicle with the better history and mileage. In other words, when looking for a used car, you need to be a bit more flexible with some certain requirements.
Advantages and disadvantages of a used car
The top advantage of buying a new car is that the vehicle comes with warranty. So, even if the car may have a hidden expensive problem, you get a warranty that will take care of the repairs without you having to pay extra money.
Another advantage of new cars is that they are generally equipped with the latest technology. They come with really useful and fun add-ons that can improve your driving experience. What’s more, if, for example, you buy this car for your family, you could really use the extra safety features modern cars are equipped with.
One of the biggest disadvantages of new cars is that you love a lot of money when purchasing them. New cars depreciate the moment you take them out of the car dealership’s gate. Plus, a new car takes a huge depreciation in the first two or three years of ownership. So, if you decide, in a few years to sell the car, you’ll likely have to sell it for a lot less compared to what you paid for it.
What’s more, new cars are also generally more expensive. If you are on a tight budget, you may have to settle for a new, yet cheaper and less performant vehicle. Of you could consider financing to purchase a more efficient car, but then you’d have to pay some pretty high interest rates, which ultimately, almost doubles the amount of money you spend on buying the vehicle.
Making the decision
The final decision on whether to purchase a new or used car is a matter of personal choice. However, for example, if you want to purchase a Ford car, we recommend visiting a ford dealership st louis mo that has both used and new Ford cars to explore all your options.
Now that you know the advantages and disadvantages of both options, you can make an informed decision which you’ll be happy with on the long term.