When Shopping for A New Vehicle, Should You Go With New or Used?
If you're trying to weigh the pros and cons of new cars against used ones, here's what you should know about each option.
What Are The Benefits of Getting A New Car?
New cars are vehicles that have not been driven by a private owner for any extended period of time; they typically have been used for test drives or similar purposes, but usually only have a couple thousand miles on them.
New cars have the following advantages over used cars.
As new cars have very limited wear and tear, they're much more likely to be in tip-top shape when compared to used vehicles. This means that when you buy a new car, you don't have to be overly concerned with the conditions of the tires, the transmission, the engine, or even the various electrical parts that run modern vehicles. With a new car, you can just drive it off the lot without having to think about repairs for a while.
Newer cars tend to be more expensive and while that is one drawback, it also encourages dealers to 'sweeten the pot' in order to make new car purchases more enticing. Many dealers offer special financing rates for newer vehicles and warranties tend to be valid for longer when you purchase a new car. Additionally, it's common for dealers to provide new car purchasers with free roadside assistance service.
It's A Much Simpler Process
Used cars can come with a lot of structural problems that you need to take into account when searching for one. You have to individually check each car for problems in addition to considering its on-paper specs; with a new car, all you have to do is find the model of car you want and you can drive it with no problems.
What Are The Benefits of Getting A Used Car?
Used cars can be a bit tricky because they vary considerably in terms of price and quality. That being said, there are generally quite few advantages used cars have over new ones.
New cars depreciate extremely quickly, notoriously dropping by thousands of dollars in value the second they're driven off the dealership lot. Used cars already have a lot of depreciation occur already, so the value of your car when you buy it and the value of it after you've driven it for a while isn't going to deviate too much.
One of the biggest and most obvious advantages to buying a used car is that it's almost always going to be a much cheaper option. The average cost of a used car is tens of thousands of dollars less than the average cost of a new vehicle and if you're in the market for something that's purely functional, rather than shiny and pristine, then a used car is the much more sensible financial option.
Better Insurance Rates
Insurance rates are heavily based on the value of the car you have insured. As newer cars tend to be much more expensive than used ones, it's going to raise your monthly car insurance payment by a substantial margin. With a used car, it can be guaranteed that you'll pay much less when it comes to your car insurance bill.