We can all agree that one obvious benefit of buying a new car is that you’re the very first one who will use it. The whole car is brand-spanking new, and it has that fantastic new car smell that we all love. But buying a used model has its obvious advantages as well, such as the price. You can get a perfect model for half the price of a new one, and you can even go for something that may not be in your price range if you were to purchase it new. But should you buy a new car or a used car? Here’s how you can make your best choice.
New car: pros
When you buy something new, it comes with a warranty. This warranty doesn’t come with any extra fees compared to buying a second-hand car and purchasing a warranty. Another aspect of going the new route is that you can have it made to order, which means you can go for the specs you want or ask the dealer to look for the best options according to your preferences in terms of colors and interiors.
A new car will also have the latest tech features, with everything from navigation interfaces to multimedia features that are better than the last. Safety is another factor you may approve of if you buy new because new cars are bound to have better systems on safety. For example, it’s now mandatory for new models to offer some way of monitoring tire pressure and stability control. But new models also have certain features that aren’t mandated, such as adaptive cruise control, blind-spot monitoring, lane-keeping assist, etc.
Fuel efficiency may be another factor that could warrant taking a closer look at a new car, and you have more choices in electric vehicles and hybrid ones, too.
Used car: pros
As you may already know, used cars will always trump new vehicles when it comes to price, and buying used allows you to spend your money on other expenditures. Since the price is lower, you can also opt for a nicer car model, as confirmed by new and used car Utah companies like Young Automotive. The other advantage of going for a used car stems from depreciation concerns. Cars will lose their value over time, but the steepest loss will occur in its first few years alone. In fact, some car models are supposed to lose up to 40% (or more) of their market value during their first year.
But when you decide to buy a used vehicle, you don’t have to go through a hefty hit of depreciation once you drive it away from the lot, simply because it will already have gone through its most significant depreciation with the first owner.
Another factor you may want to think about is insurance. Used cars have lower insurance rates than new ones, and if you do the proper research and take your time, you could find even better rates regardless of the vehicle you end up buying.
Lastly, there’s the benefit of choice. Even if you can’t have it made to order, you may want a specific model, tire design, or package that’s no longer offered – and it may give you the chance to have your dream car at last.
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