When buying a new car, you know that you’re the only person to have owned that vehicle. With an old car, you save money but only have the history that is offered to you. Let’s take a look at the pros and cons of each option.
New vs. Used
When it’s time to buy a vehicle, you have many options. You can choose everything from the make and model to whether you want a brand new or used model. What you want will determine how much money you save and what car you will end up with finally.
Upsides of Buying a Used Car
– Save more by letting someone else take the depreciation hit.
– You can save quite a bit by finding a late-model used car priced at half the cost of a new one.
– Pre-certified dealer programs offer strong warranties.
– You might be able to get almost the same amount as you paid for the car if you put it up for sale.
– You can get great financing options through a credit union or bank.
Downsides of Buying a Used Car
– It might not be as reliable as a new car and might need more frequent maintenance and repairs.
– You might not get the exact color, make, or model of the vehicle you want that also has a great history and mileage.
Upsides of Buying a New Car
– It’s easier as you don’t have to worry about evaluating the car’s condition and finding out the cost, even if you plan to negotiate.
– New cars have more financing options. Automakers provide plenty of incentives to entice buyers, like better interest rates which can save you a bundle over the sticker price.
– Newer vehicles may give you better gas mileage, have lower emissions, and provide you with plenty of tech options.
Downsides of Buying a New Car
– One of the most significant downsides of buying a new car is that you lose money the minute you drive off the lot. That can amount to thousands of dollars that you will never see again.
– Newer cars have pricey insurance options since replacing anything costs that much more.