What factors should you take into consideration before you decide whether to shop new vs used cars? Here's what you should know!
Once you decide you're finally ready to buy a new car, you have two primary options. You can either buy a brand new vehicle or buy a used one. But which option is best?
This age-old question has long been debated among car enthusiasts and financial gurus alike. On the one hand, a used car is more affordable. On the other hand, however, a brand new car has zero ownership history and all the latest technology.
If you're having trouble deciding between new vs used cars, we can help. Keep reading for everything to consider when asking yourself "Should I buy a new or a used car?"
Affordability
First, and most obviously, buying brand new vs used cars is going to be more expensive. Brand new cars have no previous owner history and all the latest technology. These perks are great, but you have to pay for those luxuries.
The exact same make and model of vehicle that's a few years older can be thousands of dollars cheaper, even if it's in excellent condition. In some cases, buying a used car might be your only option. You might be limited by your credit score and loan eligibility.
If you find yourself in this boat, we have fantastic used cars under $10,000 available on our lot to help people like you save money without sacrificing quality or reliability. Alternatively, if your ultimate goal is to buy a brand new vehicle, you could spend a few months working to improve your credit score. Then, you'll be able to improve your loan eligibility to get the car you really want.
Vehicle History
When buying a new car vs a used car, you get the peace of mind knowing that no one has ever owned the vehicle before. Aside from minimal driving tests and relocating the vehicle on the lot, it's hardly been driven at all. Nobody has sat in the seat for hours on end, hot-rodded the car, or abused it in any way.
If these types of things are important to you, you should be shopping for brand new vehicles.
However, if you decide to buy used, it doesn't mean you won't know anything about the vehicle's past. Vehicle history reports are more accurate than ever before. As technology has progressed, it's become much easier to track a vehicle after it's left the manufacturer.
A vehicle history report will tell you everything you need to know, including:
- Previous owners
- Previous registration locations
- Commercial use history (rentals, leases, fleet vehicles)
- Car accident history (if any)
- Repair and maintenance history
- And more
Buying a used vehicle is no longer a gamble, especially when buying from a reputable car dealership.
Vehicle Costs
If you're wondering "Is it worth it to buy a new car?" it's helpful to break down the costs of new vs used cars. We've already talked about the price tag, so let's talk about the other costs of vehicle ownership.
When buying new, the vehicle will come with manufacturer warranties. These typically include bumper-to-bumper warranties and drivetrain warranties. If there is a defect or failing component of your car, you can have it repaired for free (within the guidelines of the warranty).
In most cases, used cars do not come with warranties. If something breaks down, you'll be responsible for the costs. Because of their age, used cars also tend to need more maintenance.
However, used vehicles generally come with smaller monthly payments because the loan amount is smaller. Additionally, it will be cheaper to insure a used vehicle.
Depending on your state, it might also be more affordable to register a used car than a brand new car. If your state's vehicle registration fees are dictated by the age or value of a vehicle, a brand new car will be more expensive to register each year.
Furthermore, if we're talking about the costs of vehicle ownership, you must consider depreciation. New cars depreciate rapidly, sometimes losing as much as 30% of their value in the first year. You can avoid these losses by buying used.
Technology
If you like the finer things in life, buying new vs used cars is probably a better option. Brand new cars come with the latest technology from the manufacturer. While it may not seem like a long time, a single year can make a huge difference.
Brand new vehicles have advanced technology to increase the comfort, luxury, entertainment, convenience, and safety of the driver and passengers. These features include things like Bluetooth connectivity, automatic parking, lane assist, brake assist, vehicle cameras, smart technology, and more.
Vehicle Options
In the new vs used cars debate, used cars can be attractive to buyers who want extra features, but don't want to pay exorbitant prices. Most vehicles come with multiple trim packages. These trim packages vary from basic editions to luxury, fully-loaded editions.
While a buyer may not be able to afford a fully-loaded brand new vehicle, they can get similar perks for a lower price by shopping for used cars. Though the technology will be a few years older, they can find affordable vehicles with heated seats, advanced driver features, quality upholstery, and better entertainment options.
A Happy Middle Ground
If you can decide between buying new vs used cars, why not find a happy middle ground? Of course, we're talking about certified pre-owned vehicles.
CPOs are vehicles that are just a few years old and have very limited mileage. They've been refurbished by the manufacturer or dealership to a like-new condition. Everything from the interior fabric to the engine components should be perfect.
In essence, a CPO is like a brand new vehicle and comes with renewed warranties. However, you can save a little bit of money because the car is not the newest model available.
Do You Prefer New Vs Used Cars?
Well, what do you think? Is it better to buy a new car or a used one?
Ultimately, you have to decide what's right for you, your lifestyle, your style, and your budget. We hope we helped clear things up so you can make an educated decision on the new vs used cars debate.
When you're ready to start shopping, take a look at our inventory. We are proud to offer a wide array of both new and used vehicles.
And if you're not sure about your loan eligibility, we can help you there, too. Click here to pre-qualify for a car before coming in.