If you have been driving around in that old car for a while and think that it’s finally time to replace it, you have more than a few options from which to choose. But one of the first things you have to decide on is whether to buy a new vehicle or a used vehicle. Even if you’re tempted to buy a new model, your practical side tells you to go for a used one. So how can you decide which is most suitable for you? Here’s a comparison between new and used vehicles: which one is best?
Points to ponder:
- A new vehicle will have the latest features, particularly when it comes to safety, and they are more reliable than used vehicles. But they will have a higher price and will also come with a higher cost of insurance.
- A used vehicle will be cheaper in general than a new one since much of the depreciation has already happened. You may not require much coverage for insurance with a used model, either.
- If you are trying to decide between the two, factor in the ongoing expenses – from maintenance to gas to repairs and the car’s insurance, as recommended by experienced dealerships such as Youngautomotive.com.
Buying new: the advantages and disadvantages
New vehicles will have a lot of curb appeal with that shiny fresh paint and that irresistible and distinctive “new-car” smell. But cosmetic value aside, other key advantages come with buying new. For example, when you buy new, you can take advantage of the car’s reliability and the manufacturer’s warranty. You can also benefit from free assistance if ever the car breaks down, and you can make use of the latest and most advanced features, including greater fuel efficiency and updated safety. Many new vehicles will also come with attractive deals for financing, particularly if you have an excellent credit score.
Of course, new vehicles will come with a few disadvantages too, foremost of which is their high price. New vehicles will also depreciate at a faster rate, and they will be more expensive to insure. Your new vehicle will not stay new as well, and by year’s end, you may already have nicks and scratches, stains, and what-not on your new car.
Buying used: the advantages and disadvantages
If you buy used, they will be priced lower than new cars, and it can give you better value for your money if you no longer have to contend with depreciation. You can also benefit from warranties. Used vehicles are also cheaper in terms of the insurance. But when you buy used, you also have to accept that it will have higher mileage, which can reduce the vehicle’s lifespan. So the selection of used vehicles may also be limited, especially if you are keen on certain features and options.
When you are thinking about whether to go for new or used, consider the price up-front and the costs of operating and using it. Regardless if you opt for new or used, you will have to consider the down payment, the title and taxes, car insurance, repairs and maintenance, and oil and gas. It pays to choose wisely, so write down what you need and require and work from there before you decide.